Day’s Theme: A fast, sudden move higher that will stand out.
Behavior Around the High: A rally that increases with momentum moving into the high.
Behavior Around the Low: A selloff from an overbought crest or peak through multiple support levels to reach the low.
Exclusive Trade Opportunities for Subscribers:
I’m advised to trade around an important support level that’s highlighted with a lot of price change around that support level.
An opportunity to open a short position early in the day for a day trade and then close it at a low.
An opportunity to open a long position in the midst of a decline between 11:00 and noon. I would close that long position after hitting key resistance in the afternoon.
Overview
On July 28th, there’s a rally that offers an opportunity to open a short position in the pre-market. That rally ends around the open with a fast, sudden move higher to meet key resistance and then a breakdown through a diagonal trend line with increasing volatility on the way down. That decline takes us to a low in the first hour. That decline continues into the 11:00 to noon hour. That decline offers an opportunity to open a long position and close out of a short position if one was opened earlier.
There’s a fast, sudden move higher that starts around 12:10-12:15. That will take us to a key resistance level on a multi-day scale. We’ll have sideways fluctuations out of that resistance level that will turn into a decline between 2:00 and 3:00. We’ll revisit a support level that we met earlier in the day. We’ll then have a rally around 2:30 that takes us into key resistance in the last hour that we’ll fail to break through and then decline through key support. That failed attempt to break through key resistance is right around the close at a high for the day.
Sneak Preview
On the 31st, we’ll open lower.
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