*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
- 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.
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:
- 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.
- 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
- 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.
- Looking for a reversal here. If 1.42 breaks before 1.09 I will enter long with stops at the wave (ii) low
- Waiting for a reversal to start a long term swing position.
- Watching for an impulsive bounce to enter long with targets of $22 and $29+.
- Waiting very patiently for $12 to load up
- Expecting $PLTR to test $19-20… I will be buying hand over fist at those levels
- Watching for an entry around $10-$11