Members Update 7/18

*disclaimer: Not financial advice. This is my personal trade plan only. I am not qualified or licensed to advise anyone on their specific positions or trades, I am sharing my personal opinions only. Never make financial decisions based on any information on this site or any associated platforms. Always consult a professional for investment related advice and do your due diligence*

I’m sure you’re tired of hearing this, but $RTY is (still) the key to this market. The overnight action suggests $RTY may bottom by or shortly after the cash open tomorrow, which would likely mark the bottom across the board.

My 3 step plan for the week:

Evaluate the bounce tomorrow to determine if it is impulsive or corrective
If impulsive, I will get long in the growth sector
If corrective, I will look to short the final move down… then go long growth

We will discuss the structure of the bounce during the livestream tomorrow

Futures:

$RTY (View)

$ES (View)

$NQ (View)

Management Plan:

Most likely taking profits on the rest of the $IWM puts at the open… Will depend on overnight action, but I expect a bottom soon. Nothing else to manage at the moment.

Setups:

My main focus for Monday will be swing entries and evaluating the major indices. I have no desire to rush into weekly calls and/or puts unless there is a clear setup. As things develop throughout the week there will be more setups for the shorter term.

Short Term Setups:

$TSLA (View)

Looking for a bounce early this week. I will enter weekly calls on a break of 647 with targets of 658 and 670. Must stay above 638.

$DIS (View)

Watching for a potential wave 4 bounce to re-enter short

I will also be watching $RTY for a potential entry on 7/23 or 7/30 $IWM calls

Swing Setups:

$FSLY (View)

Looking to start a swing position on $FSLY once $52.16 is reclaimed. My stops will be at the wave (2) low. Setup valid as long as 52 trades before 40.

JAGX (View)