Day’s Theme: A notable decline throughout the day.
Behavior Around the High: A decline through multiple support levels off of the high.
Behavior Around the Low: Sideways rotation before rising to meet the nearest resistance and then we’ll fall back down to continue rotating along support.
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I’m advised to trade around an important technical price level on a one-month scale.
Overview
In the morning, there’s a pop and drop followed by a rally into a peak or crest moving out of the open. There’s an opportunity to open a short position at that peak. We’ll fail to break through key resistance and then decline through key support taking us to a low. There’s a notable move higher around 2:15 followed by a sharp decline between 2:00 and 3:00. There’s a high at the end of the day and multiple failed attempts to break through key resistance followed by selling off from that crest or peak.
Sneak Preview
An opportunity to open a short position before a notable drop.
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