Will SPY clear 592 and make a run for 596-600 this week. Trade Ideas for Wed May 28
Will we find another 500% trade today?
SPY / SPX
Swing Update — On Friday I alerted SPX 5850c as a swing for 5/27. These were $11 and hit $67 yesterday!
Tuesday…
In yesterday’s blog I wrote I wanted to scoop look on a dip into 584s for a push beyond 588. We got just that!
I alerted getting long on the vwap cross. I was trying to wait for an hour, but give the the dip and vwap cross after first hour I had to.
I locked in gains at the end of the first hour at $8. nice 100% gainer. Then I waited hoping for a vwap pull back to reload.. This never came. I
I alerted to THT PRO members that the longer we consolidate here on 588 the strong the chances of another leg up.
After an hour of consolidation, and range break, I rejoined for $9 and we got just that. Essentially giving us another 100%.
Overall. I find these all day grinders after a gap up frustrating. I like getting another back test but that opening dip is all we got.
Spectre Special:
Guys, if you are super busy. The market is regularly paying us in the last 15 minutes. I alerted in for 0.25. 5920c dipped as low as 0.10 and then settled at $1.54
I should have had a yolo order to add more at 0.10.
0.25 → 1.54 = 500% gain
0.10 → 1.50 = 1400% gain!
Full disclosure: I also took 5910p in at 0.50 and out half at 0.8 and lost on the rest.
TSLA
Yesterday I wrote I would consider TSLA long at 335 or over 352. Guess what happened. We pushed over 352! 350 turned into support and TSLA broke out and started its rally toward 372!
Everyone. my levels are magic! Notice the large gap between 356 and 372. We want to position into trades early to take advantage of those!
Here is what TSLA 360c did so far…
I also alerted to THT PRO members I plan to scoop 370c on a dip toward 357 in afternoon. Below is the 370c chart. With the gap up this morning these should hit $8+
Thoughts from Tuesday’s price action:
Market’s BTFD regime appears to be back
TSLA breakout on daily is ignoring fundamentals. Massive competition in China and slower sales in Europe. The AI hype is full on! Big bets on RoboTaxi by investors, because production and sales imho are declining.
I spent the first two hours getting positioned long and then the last 30 minutes looking for the Spectre special trade! 2.5 hours of trading. Need to get it to under an hour! and 7 months left to get it done to meet my 2025 goals.
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.
Trade Ideas - Plan for Wed May 28
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
Overnight:
SPY dipped to 589.50 and is now testing 592
QQQ looks poised to break over 522
The key level to watch is a reclaim of 592 on SPY. That was where all hell broke loose last week.
Here is my plan for today…