Day’s Theme: A notable decline through multiple supports.
Behavior Around the High: An important price level near the high that will offer an opportunity to play both sides of the market.
Behavior Around the Low: We’ll push the upper end of a range higher out of the low.
Exclusive Trade Opportunities for Subscribers:
I’m advised to trade around an opportunity to open a long position.
An opportunity to open a short position in the midst of a rally. I would close that at a decline around the close.
Overview
On October 27th, there’s a peak first thing in the morning and some bearish price swings in the pre-market. Off of a peak around 10:00 there’s a notable decline taking us into a low for the day. In the midst of that decline, I’d open a long position and close it after a notable move higher. We’ll successfully turn resistance into support between 1:00 and 2:00. In the last hour, there’s a significant decline through multiple support levels and a trade opportunity around the close.
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