SPY puts in first red day, will it go for 2 or return to it stunning grind? Trade ideas for Tue Jul 08
What's stopping you from making 200-500%? Stop overtrading, and make more in less time. Read on to learn how I do it.
Good morning!
Yesterday I eased into the day. I made 2 alerts. And both delivered!
This month I wasn to focus on fewer trades while shooting for a 90% win rate while working on getting the playbook scanner but up to par but also to include reason and probalities based on past patterns aligning.
Let’s get into the learning/yesterday actiona and the ideas for today.
SPY / SPX
Yesterday I wrote:
We waited for the first hour to complete. We saw 2 bounces on 622.50 and muliple rejections of vwap and then the 10:30am pink level. Once 622.50 and particularl 622.25 broke, it was never reclaimed. The clallenge. Having patience. The payout didn’t come for another and it did it in a hurry.
So Where do we target? Easy, Count 2 level below 622.50 and that gives you 619.30. That imho is mission accompishled.
I took another short as weakness developed around 2pm in case we got all day cascade. Instead we got one more level drop that was super extended. It was a 4 level move since the open. That increases the probability of getting a short term trend reversal/vwap bounce. As the reversal was setting up I shared this plan. The RSI divergence helped confirm the upside odds.
And we got 0.50 filled just 15 minutes later from the alert. Almost reaching 1000%!!!
If you haven’t experienced one this is what I call a Spectre Special! BOOM! over 500% gains in under 30 minutes.
Solid easy day if you were paitent. The issue now is that SPY filled the gap it created last week. Will it continue higher or look to correct more / find support.
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.
Thoughts from Wed/Thursday price action:
SPY has broken out of 2 weeks of consolidation and is making new highs
BTFD bias continues until 622.25 breaks.
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 Tue Jul 08
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
Overall had to get a read as to what comes next. We’ve had an extended rally and I wouldnt be surprised if we go either way or even side ways today. I’m going to let the first hour develop and go from there.