Will Yesterday's Gap Up in SPY Hold? Plan for Thursday Feb 8.
PYPL wrecked. DIS rockets. Where do we plan to make bucks.
We got he 498 SPY target I set perfectly but the risk/reward was really best for swing traders who bought the 492 support level on Tuesday. I typically don’t like to buy gap up especially into new all time highs. So there was no day trade for me. But that is ok!!! That is why I have multiple names on the watchlist. I don’t need to make money off SPY everyday. There was definitely a trade possible, but I specialize in making massive gains on momentum where there is great risk/reward. If its not there, no trade.
This morning we are gapping down a little bit and yesterday felt like sell wall at 498. The market can go in either direction. Read on, for how I traded yesterday and how I plan to make money today!
Introduction (for New Readers)
Welcome to my blog on Two Hour Trading, your daily source for market insights and trading opportunities. In this blog, I will provide you with a comprehensive analysis of the market, educational lessons, and trade ideas to help you stay ahead in your trading journey and best of all doing it less than two hours a day.
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Subscribers to this blog will receive daily updates on market analysis, educational content, and up to three trade ideas, all based on real-life examples and my personal approach to trading.
NOTE: screenshots from chat are from Edge Trade Planner. A platform available to my THT PRO and ELITE members. (I will open up new memberships in mid Feb)
What is Two Hour Trading?
It’s 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 setup. Key benefits:
High Quality trades with great reward vs risk
Avoid Overtrading and losses from it
Trading to Win vs Trading to Not Lose
Stacking the deck in your favor
2024 Alert Leaderboard
(I’ve decided to include a leaderboard so you can see what potential the 2 Hour Trading System has)
The following is based on entry alerts.
Feb07 - TSLA 185c. Entry $2.53 - Hight after $5.60 ($2530 —> $5600 potential)
Feb05 - SPX 4940c. Entry $3 - High after $16.60 ($3000 → $16,600 potential)
Feb02 - AMD 180c. Entry 0.15 - High after $1 ($1500 —> $10000 potential)
Jan 29 - SPX 4910c. Entry $1 - High after $20 ($1000 —> $20000 potential)
Jan 26 - NFLX 570c. Entry $0.50 - High after $9.85 ($500 → $9850 potential)
Jan 25 - TSLA 185p. Entry $1.5 - High after $6.3 ($1500 → $6300 potential)
Jan 24 - SPX 4890p Entry $1.50 - High after $22 ($1500 → $22k potential)
Jan 24 - SPX 4880p Entry $0.50 - High after $12 ($500 → $6000 potential)
Jan 17 - SPX 4740c Entry $0.20 - High after $2.80 ($200→ $2800 potential)
Jan 17 - SPX 4740c Entry $1.20 - High after $12 ($1200→ $12000 potential)
**Past Performance is not indicative of future results
Wednesday’s Price Action
Sorry all, got caught up working on Edge and calls with various trader friends this morning so ran out of time to write up trade reviews. (One of the benefits of being in PR is that I’ve met some very talented traders and its great to hammer out pros and cons on ideas). On the same hand staying true to your own systems is great but hearing perspectives might let you see something you don’t normally see.
Yesterday’s price action was essentially a continuation of last week’s breakout. We had a gap and go move on SPY right into the resistance level where it consolidated all day.
Next day or two is key for defining upside, or some profit taking in Feb.
TSLA put in a. nice back test of 183, and imho is now geared up for a move back into 200s in coming weeks. (as long as 180 holds)
COIN also appears to have put in a failed breakdown reversal.
Overall after looking across the market, it feels like we are headed higher overall but I also feel on edge about it. So watch the reaction to each of the key levels and focus on trading 1 to 2 levels at a time leaving runners for bigger payouts.
Trade Ideas - Plan for Thursday Feb 8
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.
In today’s blog, I’ll cover thoughts on DIS, PYPL, where the market may be headed and how I plan to trade today.
I’m focused on DIS PYPL COIN SPY and MARA