Updated: Mar 13
Day’s Theme: A notable decline that increases with momentum moving forward in time.
Behavior Around the High: There’s a key technical price level at the high, however we fail to hold that price level.
Behavior Around the Low: Support is established around the low (at least temporarily).
An opportunity to open a long position for a scalp trade early in the day. I’m advised to close that position after breaking back down through resistance.
An opportunity to open a short position in the midst of a rally around noon.
On April 6th, there’s a pretty notable move to the downside in the morning. There’s a possible opportunity for a scalp trade if you open a long position and close it when we rally through resistance, stay above it briefly, and then break back down through the same price level. That rally will be between 11:00 a.m. and noon and offers an opportunity to open a short position. It looks like we’ll establish support at a crest or peak midday, however this doesn’t hold. That’s followed by a low in the midst of some sideways price swings sometime in the early afternoon. There’s a bit of a rally into a peak or crest in the last hour. We’ll then sell off from that peak or crest near the close.
On the 10th, there’s likely a holding pattern with a pop and drop. We’ll open roughly around where we close.