Day’s Theme: Establishment of support followed by a big move standing out on at least a one-day chart.
Behavior Around the High: Price swings around the high, however it’s somehow nullified.
Behavior Around the Low: Not specified.
Exclusive Trade Opportunities for Subscribers:
An opportunity to open a long position in the morning and close it between 1:00 and 2:00 after a move higher.
Overview
On the 3rd, there’s a period of volatility and a decline into the open creating the first low for the day. We’ll then have a move higher that marks the end of that period of volatility. That move higher takes us to a high for the day. There’s a quick low and high within close proximity to each other at the beginning of the day. Off of that high, we’ll decline pretty notably into a trough around 10:00. There’s a fast, sudden move higher ending that decline around 10:15.
We’ll then decline after that move higher, taking us to a support level that we met once before. There’s a rally around 11:30 taking us into an overbought peak or crest midday. We’ll sell off from that pretty notably. There’s a breakout off of key support around 2:00, however I’m advised not to chase that rally. Around the close, we may decline significantly, however it’s also possible we’ll end to the upside.
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