*Accuracy rating update: 100% or 9/9 predictions correct*
Day’s theme: A notable fake out on a one-month chart midday.
Behavior around the high: A notable decline off of the high that will stand out on a one-day chart.
Behavior around the low: Multiple failed attempts to break through key resistance around the low.
Trade opportunities:
There’s an opportunity to open up puts midday.
Overview:
On October 19, 2022, there’s a male ruler of nations highlighted early in the day. Right at the open, we’ll see a critical resistance level. In the first half hour, we sell from an overbought crest or peak down to a support level. We’ll likely meet that support level around 10:00 a.m. Between roughly 10:00 a.m. and 11:00 a.m., we’ll see some erratic back and forth behavior through the same price level. Between roughly 11:00 a.m. and noon, there’s a move to the upside out of a decline. We will likely hit a day’s high again somewhere in the midst of this erratic behavior. I would likely open up puts around this time and then position myself for both directions midday. Later in the day, we’ll see quite a bit of bearish behavior. There’s a decline through multiple support levels and a day’s low at the end of the day.
Sneak preview:
A notable gap up on the 20th.
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