Day’s Theme: A prominent move to the upside followed by a move back down.
Behavior Around the High: A crest that we sell off down to and through support and then do a U-shaped reversal back up.
Behavior Around the Low: A notable move on a one-day scale.
Exclusive Trade Opportunities for Subscribers:
I’m advised to trade around the intersection of two perpendicular diagonal trend lines.
Overview
On September 5th, we’ll either open lower or around the same price level. There’s a fake out or a shake out in the pre-market. There’s a rally right around the open that increases with momentum moving forward in time. That ends with a fast, sudden move higher taking us into a high. That’s followed by a decline back down with increasing volatility on the way down. That takes us to a trade opportunity around 10:00 at a trough. That’s followed by a big move to the upside that stands out on a one-day scale. That’s followed by a decline that increases with momentum moving forward into roughly noon.
We’ll then have a key support level after that decline. There’s a significant move higher off of that support that takes us to a key resistance level. There’s a key resistance level between 1:00 and 2:00 that we’ll decline from between roughly 2:00 and the close. We’ll revisit a support level that we met once before between 2:00 and 3:00. There’s some back and forth behavior between 3:00 and 3:30. There’s a rally around 3:30 as we move into the close but we may see a notable drop around the close.
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