Students are having too much fun in Weekly Profit Cycles

BY ANDREW GIOVINAZZI

May 2, 2024

Yo Pit Crazies,

Licia puts on her Lady Poseidon Crown and becomes the Queen of the Tridents or shall I say Pitchforks. Catch her class tomorrow and learn how she posts big wins using her method.

On an FOMC JPow day I put out the trade ideas early before the market starts to heat up. The liquidity is so bad by 2:15-3:00pm the only thing I want to do is put out limit orders to close. Unfortunately that is right during my class time as the Fed has decided to disrupt my Roomies in WPC by warbling on about the mess they are about to make.

I entered the trade at noon and it was clear as the S&P 500 Trust ETF (Ticker: SPY) went moonshot that I had to close part of my trade that was up 65% in about 3 hours. Licia did better than me in ODTE but that is for another post and reason to check out her class. My problem was I did not want to send out a close on the call because I did not want students to incur a day trade issue.

SPY 1 day chart with 1 min candles

Because Weekly Profits Cycles generally sells into rallies and buys dips, today was good one.

It was my WPC Roomie that got me out of my Day Trade bind and it is a device Mark Sebastian uses often. I was going to settle for a stop away from the market but that would have left considerable dough on the table.

Here is what we did and it is something that can help you

My Roomie HBH came up with selling a call to make a spread

I wanted to take a decent win but like i said the day trade restrictions for some students. I entered the trade that was:

Reference SPY 500.78 VIX 15.90

1ST BTO 1 SPY May31 495/480 pv for 3.15 GTC 6.00

2ND BTO 1 SPY May31 520 c 1.80

3RD BTO 2 VIX Jun18 16 p for 1.60 GTC 3.00

4TH STO 1 SPY May31 525 c 1.60

By 3pm the 520 calls were trading $3.00 and reduced the trade cost by 40% which for me is a closing area on that contract. So HBH came up with selling the 525s for 1.60 which left me with the long 520/525 call spread for around .20, trading $1.00. So I will likely close the 525 today, scalp it and try to do it again.

My Roomie helped me avoid the Day Trade rule and WPC has another arrow in the quiver.

Check out Licia and put a pitchfork in your quiver.

To Your Trading Success,

-AG