Trading plan for 7/24
1. Always check the gap situation. Gaps downs are gifts. Purple line is longer term trend and yellow is short term trend. Wednesday is also a favorable day of the week for gaps but this fact alone doesnt make the choice for us.
2. We have new Home Sales coming out at 10:00am ET this will be noteworthy. Depending on how the market reacts we can be presented with some great panic plays. Panic is our friend.
3. We like trading with the trend but if the market becomes range bound we will use our S/R levels in relation to price action to determine positions to take.
Notable News releases:
PMI Manufacturing Index Flash-8:58 am
New Home Sales 10:00 am
EIA Petroleum Status Report 10:30am
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