Day’s Theme: Pretty mixed day overall.
Behavior Around the High: We’ll establish support at least momentarily at the high.
Behavior Around the Low: We’ll have multiple failed attempts to break through key resistance within close time proximity to the low.
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I’m advised to trade around a peak that we’ll have a sharp drop off of.
On October 12th, there’s a lot of price change in the pre-market. There’s a rally into a resistance and then break down with increasing volatility ending that rally moving into the open. There’s a brief peak that’s easily missed followed by a decline through multiple support levels. That decline offers an opportunity to close a short position. That decline should take us into 10:45 where we’ll then have a rally into a day’s high between 11:00 and noon. That rally offers an opportunity to close a long position. We’ll have three crisscrosses back and forth through the same price level followed by a move to the upside confirming a bullish trend.
We’ll rally along a diagonal trend line and break through horizontal resistance to meet a secondary resistance and then pull back to somewhere between those price levels between noon and 1:00. There’s a pop to the upside around 1:00 followed by a drop taking us into a trough around 2:00. There’s a notable reversal between 2:00 and 3:00 that turns into a move higher around the close. There’s a move back down into a trough at the close.
An important range is highlighted.