Today in class we discussed risk management, the most important principles for becoming profitable over time. Trading is not about never losing trades, it is about making sure one loss does not blow your account. Here is a simple framework for proper risk management:

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Today we caught a 48% move on SPY puts using a classic VWAP rejection and continuation setup. 1. Market Context Price broke below VWAP, which immediately put bearish pressure on the market. When price is trading under VWAP, sellers are typically in control. 2. The Setup After breaking VWAP, the price came back up to retest VWAP and held below it. That rejection confirmed that VWAP had flipped from support into resistance. 3. Entry We entered SPY puts on the continuation move down after the VWAP rejection. At the same time, there were two important levels below: • ORB low (yellow line) acting as support• Gap fill beginning in that same area So the trade plan was simple, watch how price reacts at the ORB level. 4. What Happened Next Price broke the ORB support, which triggered more selling pressure to the downside and started filling the gap 5. Take Profit We took profits during the gap fill move after price pushed deeper into the gap and buyers began stepping in. Common behavior during gap fills is that buyers start appearing halfway through the gap, which often causes a bounce. That is exactly what we saw, so it made sense to lock in profits.

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We took a trade for Spy calls today for a 35% gain. Spy opened well below the previous day low, which created a gap to the upside. Once price closed above the previous day low level, it retested and made a bull flag. We entered on the continuation up ✅