SPY perfect 2 level dump and reversal leads to gap up overnight. Will it squeeze higher today? Trade ideas for Wed Jul 23
I missed the 1000% paying trade but got in "late" and it delivered 300%
Good morning!
Yesterday was super easy trading and text book! SPY is gapping up this morning. Will it make new highs today in anticipation of trade news and big name earnings?
SPY/SPX
Yesterday i wrote about how I wanted to get long at the 626.15 level and we dipped exactly there!
Morning trade setups - Premarket High Rejection and 2 level reversal at 626.15
What. clean moves!
I was managing too many positions at the open and missed the ideally short entry at $2 on 6280 but got in late at $4 for clean 175% gainer selling at 8.60 and 11 per Edge Trade Planner. (would have been 400% if I scooped at 2)
Congrats to member Daniel for nailing the entry on the rejection for 300% gainer!
We got the short and the long on this morning action.
Here is what happened on the SPX 6280p.
Then we got the 626.15 dip and double bottom to get long. Here is what happenened with the 6320c
Basically got 2 100%+ paying trades in first 90 minutes of trading day. Good enough!
Afternoon setup - VWAP DIP trend join and HOD exhaustion
VWAP dips to get long for the 629.35 level test was perfect
Here is the action on 6315c
And the SPX 6315/6320 bear calls idea filled at $2 per plan and went 0 letting us collect $2000 risking $500.
COIN
Gave us follow through on swing short. While we made the short risk free. the big payout came yesterday morning. from 2.50→15!!!
I alerted members inthe morning that my target on these was $10-20 from our 2.50 entry and that I had sold at 12.50 and 15!!
Great work THT PRO members!
There is massive opportunity in this market. Are you taking advantage? Literally have planned and alerted trades that pay over 300-1000%! You will need patience to wait for entries and the exits. But if you have self discipline or trust bracket orders, my process can help you get the results you want.
What is Two Hour Trading?
Two Hour Trading is my system for finding and executing trades while spending less than two hours a day trading. My goal is to earn 100-300% on the capital I risk while waiting for 1000%+ gain trades to set up. Key benefits include:
High-quality trades with excellent reward vs. risk
Avoiding overtrading and losses from it
Trading to win vs. trading not to lose
Stacking the deck in your favor
If you are busy and want to see my commentary and ideas in real time consider joining THT-PRO.
Education
How to Join a Strong Trend
The process I typically follow for joining a strong trend are as follows:
All day grinder: join on dips to 20ma
Multi-day grinder:
Join either on support test of morning lows or failed breakdown reversal at key level
Join at VWAP mid day or end of day
Keep it simple. Don’t chase, wait for support levels for great risk/reward entries!
Systematic Profit Taking
How do I take profits? I keep it relatively simple. Depending on the entry and range to the next levels I typically with take profits 50-100% of my profits at 3-10R and then raise stops to above entry with a goal of letting runners take me to the next level or 2 and to then reload if I believe we are consolidating before the next leg.
I then repeat the same process on the reload.
Securing Profits on Options overnight
Sometimes you get this massive paper gains overnight on options but you can’t secure it right? Well if you have a big enough account and a margin account if you have calls you can. What you need to do is buy or sell the stock overnight. and the option turns into a hedge against that position essentially securing your profits.
Trade Ideas - Plan for Wed Jul 23
Stick to process. The process and trade setups I teach works. Rinse and repeat over and over again. There will be losses. Any good system will have them. Being systematic also means the gains will repeat and come again too. If you keep changing your system/process trying in an effort to never lose a trade, you will never get to where you want to go.
Ideas
My focus today is as follows…