ASX Morning call 30th July

Last Fridays plan was to sell a spike up to R3 for a few points and worked fine took a little longer than I hoped. Trade was deciding if it would go above 6300. Fading the morning move for a 50% retrace and some Friday profit taking also worked. After that plan was to look for an out hours trade and sell 20 points above Fridays high for a double extreme gap trade which hit my entry and went to target towards the close of the US markets.

Today we have Thursdays extreme gap to fill at 6258 which will be a buy for 10 points and will be a magnet for a longer term trade idea. Fridays closing gap at 6306 will be a good sell in the morning if we spike up there in the first hour. Mondays have been selling off so will this trend break today? Gets below 6279 and should drop like a stone. Currently ticking at 6286.

If there is a big rally selling 6348 will be the trade. Also end of month can be bullish as funds inflate prices to make their books and open positions look good for their clients. There is also an opportunity to sell if profit taking is evident so will have a look at some levels tomorrow for a strategic plan.