Why I changed my mind today

Author

Jeff Williams
October 07, 2024

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Good afternoon traders,

I wanted to do a quick recap here of my “Trade of the Day” thoughts.

Clearly this morning I felt markets could rally higher which is why I alerted SPY calls as my trade of the day. I was indeed correct but I never got the price I wanted on calls before markets rallied higher. Matter of fact, I called the $570.70 dip almost to a “T” in my pre market app alert.

So what made me change my mind?

Look at the chart below and look at the “Double Top” that was formed this morning right around that $571.50 area. Once SPY failed to break that the second time, I decided to go with my “Audible” idea from the morning email and look for SPY puts as my trade.

I alerted the switch and then got in my position which was Oct 14 $574 puts at $5.54 around 10:34 am.

Shortly after the alert, SPY started to fall into a lower low and lower high pattern which was exactly what I was hoping to see.

Come 12:50pm SPY was trading at its low of day (at the time) and I was up 13% or so on the idea and decided to cash out.

*Note: Trading is hard, results not guaranteed and should not be expected to be replicated typically.

Not bad for a 2 hour Monday trade idea right?

The main reason why I got out was because market dips have been bought up lately and I didn’t want that nice winner to turn into a loser.

Come to find out I could have taken a bit more profit but I’ve realized from my years of trading that when you always look for me, you end up with very little!

Anyway, I hope this idea was a good learning idea for you and if you took it with me then that’s great also.

Cheers

JW

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