Updated: Sep 26, 2022
*Accuracy Rating Update: 100% or 12/12 statements correct.*
Day’s theme: There’s an important resistance level highlighted.
Behavior around the high: A notable decline off of the high that will be prominent on a one-day chart.
Behavior around the low: We revisit a recent past opportunity at a support level when we have sideways rotation along support and a sharp dip within that period of sideways rotation.
I’m advised to trade around meeting a resistance level and then breaking down with consecutively lower spikes up on the way down.
There’s a trade opportunity to open up a short position during a rally in the last hour of trading.
On August 2nd, we have the completion of a bullish trend in the pre-market marked by a fast, sudden move higher, followed by a breakdown through a diagonal trend line with increasing volatility as we move forward into the open. Right around the open, there’s a notable drop after an important resistance level is met. A day’s high will form first thing in the morning. There will be a lot of back and forth movement forming a prominent crest or high as well as a prominent trough or low in the first half hour. Between roughly 10:00 a.m. and 11:00 a.m., there’s a sharp dip. From roughly 11:00 a.m. to noon, we will move higher and turn resistance into a new support level.
Between noon and 1:00 p.m., there will be both a prominent high and a prominent low. Out of a decline, there’s a sharp move higher from the bottom of a range to the top of a range between roughly 1:00 p.m. and 2:00 p.m. Between 2:00 p.m. and 3:00 p.m., we will establish an important support level. There is a rally into the last hour and moving into the close that marks a trade opportunity to open up a short position. There’s a notable reversal on a one-day chart right around the close. A male ruler of nations is highlighted at the close or in the post-market.
Overnight, there will be a prominent move higher on a one-day chart. This marks an opportunity to open up another short position.