Sunday, August 4, 2013

/ym for 8/5

Plan for 8/5...

1. We will keep an eye on the gap situation. We are trading close to the month highs in the extended session at the moment. If we break this level we will look for either a breakout or a failed breakout.

2. Not much in terms of news tomorrow so this will keep the markets less volatile. Since we ended last week in an uptrend we will want to see if this carries over to this week.

3. We will use our S/R and VA's to help guide our trading. Our key here is to first determine whether we are trending or range bound. Once we can establish which it is we can make the appropriate trades.