Updated: Sep 27, 2022
*Accuracy review update: 95% or 18/19 predictions correct*
Day’s theme: An important resistance level highlighted around the open.
Behavior around the high: A big move to the upside that will stand out on a one-day chart.
Behavior around the low: There is a notable decline through a critical support level moving into the low.
An opportunity around the high to open up a short position.
An opportunity to open up puts as protection or a day trade at a day’s high between 10:00 a.m. and 11:00 a.m.
On August 10th, we have three pokes through the same price level followed by a sharp decline after that third poke in the pre-market. This is followed by a push to the upside, possibly in the midst of seemingly overwhelming headwinds. We’ll likely break through a resistance level and then we’ll see a sharp dip in the midst of sideways rotation in the first hour. Between 10:00 a.m. and 11:00 a.m., we’ll likely see a day’s high around a resistance level after a notable move to the upside. There’s a trade opportunity to open up protection or buy puts for a swing trade at that resistance level. We then break down from that price level with consecutively lower spikes up on the way down, and each spike meets moving averages as resistance. Roughly around 11:00 a.m., we begin to move into a decline and break down through multiple support levels moving into midday. A male ruler of nations is highlighted around this time.
Around 1:00 p.m., there’s some erratic sideways behavior, and a decline commences around 1:30 p.m. that becomes more pronounced between roughly 2:00 p.m. and 3:00 p.m. There’s also another important price level highlighted around this time. Toward the end of the day, there’s a reversal off of another day’s crest or high. There may also be a high at the end of the day. Right around the close, we have a move higher through a resistance level, followed by a decline back through that price level shortly thereafter. In the post-market, there will be some sideways rotation along a support level.
There’s a much lower low on the 11th. A good trade opportunity is also highlighted.