Day’s Theme: A rally into key resistance followed by a decline with consecutively lower spikes up on the way down, however it is nullified.
Behavior Around the High: A decline off of the highest high that offers an opportunity to open a long position.
Behavior Around the Low: An unexpected move higher out of the low.
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I’m advised to trade around the establishment of support followed by a prominent move higher.
An opportunity to open a short position for an overnight swing trade after going from the bottom of a range to the top of a range in the morning.
We’ll either open higher and then decline into a low at the open or we’ll open lower, move higher, and then decline at the open. From that low we’ll have a notable move to the upside from the bottom of a range to the top of a range. In the midst of that move into that high I would open a short position to close the following day. We’ll meet a low between roughly 11:00 and noon, we’ll have a prominent move higher followed by a full retracement of that move back down. There may be even more decline between roughly 1:00 and 2:00. There’s a crest that forms between 2:00 and 3:00 and then a U-shaped dip that forms between two peaks in the last hour. We’ll move back up into the second peak around the close. We’ll then decline with increasing momentum moving forward in time.