Pre-Open Commentary | Aug 1, 24

Condensed Insight Before the Bell.

Key takeways:

PMI day today. I will comment on macro model tomorrow and in the discord after data release. Can it change bullish sentiment? I don’t think so. It would probably have to be above 50 which would be huge suprise. Not gonna happen I guess.

Yesterday nice bull run ended up in our resistance area. Do we have so much confidence today? Nope. As I mentioned many times before, it’s like a poker game, you don’t have same advantage every session (deal). Most of the time I stand aside as far as intraday trading goes. But that is ok, I prefer high probability trades once a week than grinding each session with little to none advantage.

Midterm/longterm timeframe is a different story. In this case I want to participate as much as I can, meaning be in the market for majority of time and managing risk at the same time.

After yesterday’s session and intraday opportunity I left small chunk of it as midterm long. So why not fully committed? Because I wait for the midterm trendphase to switch sides as it still is bearish, thus I expect there might be some turbulance ahead.

Let’s sum up midterm situation: