Was really hoping to catch the move off of this key level today but buyers chopping at EOD means we’ll have to wait and see if $767.50 holds. Be aware of SPY if you don’t already trade it because once the direction is confirmed the move should be steep.
Over this last weekend I had a high amount of conviction on entering long in Sandisk. They had lagged behind the market recovery and the convergence on the RSI was just beginning. With the bullish sentiment behind it I knew the recovery would be swift and the only real threat I could see to a run was the overall msrket dragging it down so I started looking at options.
I decided on a 1660 call with a September 4th expiration that was trading at 25.00 per contract. When Monday came around I thought about the fact that I was essentially about to time the market move and how unlikely that would be. I’m generally a pretty disciplined trader and that was taking on a higher amount of risk than I usually do so I decided against it.
I woke up this morning to see Sandisk leading the market to cap off a 25% gain since market open on Monday. Those same options? Trading at 110.00 currently. Yes a 340% return in 3 days… oh well.
Yea not much more needs to be said lol
I can’t complain too much after the days we got on Monday and Tuesday but good god not one single person trusts the rally we just had.
Thought I would post this to share with those interested one of my favorite setups when trading 0DTE QQQ.
First entry and exit is crossing over the VWAP with momentum. I always trade this setup on the 1 minute candle interval.
2nd entry and exit is the retest of the VWAP and bouncing further up. I always let a few contracts ride on this trade as it usually continues further up to form a higher high than the first break of the VWAP.
If you’re going to trade this setup always wait for a candle to CLOSE above the VWAP, it’s not uncommon to have a couple failed attempts before it actually breaks. Hope this helps! 🙂
Grabbed these at market close. Risk management discipline prevented me from taking larger than a 5% position but I wish I would’ve. Trump speaking after market close on Friday with peace talks reopening over the weekend. Writing was on the wall with the market already exploring the bottom of a tight range.
with Futures opening up 1.2% and taking Theta into account, I should be up around 85-90% at market open. Will most likely close depending on early price movement. Good luck this week friends, expecting a couple green days to start.
686 if you were wondering what the exact level is. We’ve had a straight V recovery 3 separate times over the last couple months. Expect a trade to the upside if we continue to bleed today. The market has already lost more than 2% on a day with no clear catalyst however so we may not see that level fully retested. Be positioned for a move to the upside.
Tough day in the market right now, the institutional guys have brought in their crayon eaters to mash the buy button at random times it seems
Market moved almost perfectly for a great target day with the small account challenge. I started this last Monday with $202 in the account.
8-2 on the day with a scare when a reversal candle from hell blew right through my stop less without getting filled. Luckily we had planned on playing the reversal if we got stopped out, just lost an extra 20% or so before I could close out the Puts contracts. Also decided to play some small scalps on momentum towards the end of the day. 4K Account target by the end of the week!
This doesn’t happen often obviously but I finally caught one of these rippers in a hectic market. Saw the previous resistance at 716.70 and the weakness that price showed once we hit that level again off of a strong run back up.
Now this had potential to be a quick loser so I decided to scale down my usual position and play the puts and got rewarded with a 278% trade. Perfect exit as well considering the IV crash and the immediate reversal back to the upside.