The Weekly Trade Plan: Top Stock Ideas & In-Depth Execution Strategy – Week of July 22, 2024

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Merchants,

I’ll be sharing my prime concepts, thought course of, and exact entry and exit plans with you for the upcoming week.

Now, simply earlier than we get into that, some vital reminders. Earnings are getting underway, and this week, a number of market giants, like Tesla and Alphabet, reporting earnings. Final week was pushed in lots of points by breaking information and headlines, which created each alternatives and uncertainty. So, an additional reminder to at all times be in tune with what is occurring and versatile sufficient to adapt your plans and danger administration accordingly.

Now, for the week forward, here’s what I’m watching.

Stalking Small Caps for a Lengthy Entry (IWM/TNA)

Undoubtedly, one of many prime alternatives to date within the month has been the breakout in IWM, adopted by the pullback commerce, and I’m glad to have seen a number of merchants on the desk crush the opps. Within the newest Inside Entry assembly, we reviewed the chance within the IWM intimately.

Now, much like my ideas final week, my prime concept coming into the week will likely be stalking the IWM for a backside and lengthy entry for a bounce and potential second leg.

The Weekly Trade Plan: Top Stock Ideas & In-Depth Execution Strategy – Week of July 22, 2024 | SMB Training

*Please notice that the costs and different statistics on this web page are hypothetical, and don’t replicate the impression, if any, of sure market elements reminiscent of liquidity, slippage and commissions.

Right here’s my plan:

It was a unbelievable higher-timeframe breakout, adopted by a gradual pullback into the tip of final week. With the world of $216 establishing itself on Friday as help, it should now be a key space I watch going ahead.

Ideally, I wish to see IWM show some relative power to the general market, indicating that the theme of short-term outperformance stays intact. For an entry, I wish to see the next low versus Friday’s low and/or a wash under Friday’s low and instant reclaim. That will get me to put a starter place lengthy. I wish to see the IWM maintain agency above the $218 zone and Friday’s excessive to dimension into the place. Whereas I’ll handle this place on the 15-minute timeframe, scaling out on increased highs and trailing utilizing increased lows, I will even goal ATRs to scale out and key day by day ranges over a number of days, reminiscent of $222 and $225.

Listed here are A number of Further Concepts for the Week

Larger Low in Bitcoin Names: Bitcoin had a terrific restoration final week. Going ahead, I’ll be monitoring crypto-related names, reminiscent of MARA, CLSK, IBIT, and so on. For instance, in MARA, together with preserving an in depth eye on Bitcoin, I will likely be searching for additional construct and the next low on this consolidation for a possible long-swing entry. Given the extent of Bitcoin’s bounce, I received’t be too desperate to pay up however relatively monitor the motion going ahead to see the way it shapes up.

Momentum Trades in SERV: Lovely momentum mover on Friday, providing good lengthy and brief trades intraday. When you solely want to have a look at the SOUN chart to see the way it ends, there isn’t a have to be biased within the brief time period. I’ll be actively watching this for momentum trades intraday till a transparent bottom is confirmed; on this case, I’ll swap to a swing mindset. What may that appear to be to verify? Blow-off prime, consecutive decrease highs, uptrend break, shift in value motion, and VWAP crack.

Tesla and Alphabet Earnings: Two mega-caps report early subsequent week. I’ll search for alternatives after earnings. First, earlier than I search for a setup, I’ll familiarize myself with key ranges, general sentiment, and the outcomes. Solely then will I familiarize myself with the value motion and look to type a commerce plan if a setup begins to type. We’ll go over this and overview the motion in additional element within the upcoming Inside Entry assembly.