SOAP stands for Scripture, Observation, Application and Prayer. It is a method of reading the Bible and Journaling.
S– The S stands for Scripture- you physically write out the scripture……you’ll be amazed that what God will reveal to you just by taking the time to slow down and actually write out what you are reading!
O– The O stands for observation- what do you see in the verses that you’re reading? Who is the audience? Is there a repetition of words? What words stand out to you?
A– The A stands for Application- this is when God’s Word becomes personal. What is God saying to me today? How can I apply what I just read to my own personal life? What changes do I need to make? Is there an action that I need to take?
P– And finally P stands for Prayer. Pray God’s Word back to Him. If He has revealed something to you during this time in His Word, pray about it. Confess if He has revealed some sin that is in your life.
Explanation from here