Trade Recap for Monday 9/25/23

Trade: $SPY 432c

• Reasoning: key support bounce

• Entry on the contract: 1.02

• Exit on the contract: .76

• Profit in percent: 24%

Today, the focus for the trading session was to focus on longs at the start of the week then possibly look to fade in the middle of the week. I wanted to go long on SPY if it was able to reclaim 430 and hold a higher low for a push into 432+. Today, SPY ended up breaking out through 430, and then pulled back to hold a higher low. I ended up getting stopped out on this at 429.50 and then an hour after it pulled back we saw a strong breakout through 430.

Trade: $TSLA 250c

• Reasoning: key support bounce

• Entry on the contract: 4.05

• Exit on the contract: 4.05

• Profit in percent: 0%

Today, TSLA was able to show relative strength in the first half of the morning and when it broke back through 245 I wanted to go long for a push into 248 and then 250. TSLA had a hard time getting any momentum over the 245 level and I raised stops to breakeven due to the slower momentum and premium price action.