Theme:
Trade opportunity to open up some new positions in the midst of a notable decline.
Overview:
In the pre-market, there is a push from support all the way to resistance. This is out of some sort of decline, something scary may have taken place. There is an opportunity in the midst of a decline right around the open to purchase some calls. Then we are range bound in the first half hour, and there is a trade opportunity there as well.I will likely buy some calls in the first half hour. We have movement higher along a diagonal trend line between roughly 10am and 11am. We break through horizontal resistance and we meet second resistance before we pull back to somewhere between those two price levels. There is the completion of a bullish trend from roughly 11am to noon and then a low correlator with some downward movement. There is a big push to the upside between noon and 1pm, followed by a notable drop that takes us to the low before 2pm. There is a notable move to the downside between 2pm and 2pm, and there is a move higher that forms a rally through resistance before we break down. There is a ruler highlighted and a sharp decline towards the end of the day.
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