Day’s Theme: Temporary breakouts.
Behavior Around the High: An opportunity to open a short position at a crest around the high.
Behavior Around the Low: Behavior around the low is somehow made irrelevant.
Exclusive Trade Opportunities for Subscribers:
An opportunity to open a short position near the end of the day to hold into the following day.
Overview
On July 18th, there’s a trade opportunity in the pre-market where there’s a period of sideways rotation and a sharp drop within that sideways rotation. There’s a sharp drop and a U-shaped dip around the open where we’ll move back up. There’s an opportunity to open a long position for a scalp right around the open. There are three crisscrosses through the same price level and a rally to the upside around the open. We’ll come into a crest or peak around 11:00. There’s an unexpected move to the upside out of a decline between 11:00 and noon.
Between noon and 1:00, we’ll have sideways rotation along a key support level and a few failed attempts to break through key resistance. We’ll likely have a breakout and a big move through resistance between 1:00 and 2:00. That move to the upside doesn’t hold, however, and we’ll move back down to meet the previous resistance. Between 2:00 and 3:00, we’ll fail to break through resistance and then decline through key support. In the last hour, we’ll fall to meet a support level and then continue to decline to a secondary support level that we’ll rotate sideways along. There’s an overbought crest or peak right around the close that we’ll sell off from through multiple support levels.
Sneak Preview
We’ll open lower the following day.
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