Suppose before the market opens 9:30 nyse that I identify a big technical level that id like to play. Suppose I plan to go long 100 shares. Can I buy out of the money puts to hedge this position? Then exercise them intraday if the position goes against me?
Hedging is always about fixing the price so if you were to do the above the better strategy would not be to trade at all, then you'd save money on the transaction costs.
You can't have it both ways, no/limited risk, 100% of the upside. In this business you're paid to accept risk with the potential of profit. So if you hedge the risk then you also hedge the potential profit, ie there is none.