Trading Journal #51
08:38 am: “SP500 and Nasdaq Futures red to start the day following AMZN reports with stock going for new 2022 lows. Next week, we have a FED meeting and statement so manage risk wisely.
08:39 am: “Morning focus on AAPL if it holds the green and tries higher OR goes red to green into lower levels. AMZN to see if it holds an opening print and able to go back into 100+ OR fades into last night lows. SPY IWM QQQ and Semi’s also on watch to see if able to bounce and fill morning gaps OR fade into lower supports.
Morning Trades: I started the day going long SPY Calls at 9:30am and locked +100% gains in a few minutes. Then I tried long TSLA Calls twice but found sellers so I closed and flipped into shorts by buying TSLA Puts and locked +150% gains. I also played IWM and GOOGL for some cash flow. Then shorted NFLX with Puts where I locked +120% gains and finished for the day!
Loss review: I avoided losses on TSLA calls as I was seeing sellers so I closed those calls at break even avoiding losses and flipped short for great gains, so I’m happy with risk management.
Key Takeaways: Traders stay flexible and look for clues on relative strength/weakness. Today AAPL gave clues on morning relative strength so SPY QQQ played catch up higher.
Look Ahead: Next week, we are going to hear from the FED, so stay flexible, open minded and take trades for now, until we have a more clear view on what will be the FED path going into 2023.