Live Charting for 4/12/2021, predicting the day’s price action in detail with Warden. We go up or down?

This is not financial nor investment advice. These are ideas and opinions for information purposes only.

This post will read bottom to top. It’s easier for people to refresh the page and see edits at the top

Historical supports and resistances:

116.5, 125.5, 132.5, 141, 145, 147.5, 150, 152.5, 156.5, 162.5, 172, 174, 176.5, 179, 180.5, 182, 183.5, 184.5, 186, 187.5, 190.5, 192, 195, 196.5, 197.5, 200, 209, 211.5, 214.5, 218, 226, 230, 234, 243, 250, 253, 256.5

Edit 18 4:00PM:

Ending around 141.04, down 10.94%. Bit of a rally that kicked us up, allowing us to end around 140.

See you all tomorrow!

Edit 17 3:41PM:

The apex of the wedge forms around Friday now. I’ve adjusted it.

Edit 16 3:35PM:

A crazy push on around 290k volume. We’re settling down again and consolidating. Possible bull flag?

Edit 15 2:59PM:

Power hour stream: https://www.youtube.com/watch?v=bJSDhyH60bU&ab_channel=WardenElite

Edit 14 2:32PM:

If we exclude the 9 million dollar put bar, seems Puts are helping push the price down today.

https://www.optionsonar.com/unusual-option-activity/GME/latest-trades

Edit 13 2:20PM:

Edit 12 12:32AM:

Will be back in about an hour, got a quick meeting. I’ll be streaming at 3PM during power hour.

Edit 11 11:55AM:

Funny thing about Calls. During the crash of 1987, people holding some Call options actually saw their options go UP in value. Even though the stock moved against their Calls, the Implied Volatility was so high that they actually made money lmao.

Edit 10 11:40AM:

As you can see, my Calls are printing negative money ;)

Broader market taking a pretty heavy hit. Mostly tech stocks.

Edit 9 11:23AM:

TTM Squeeze not quite ready yet for a squeeze signal. IV is edging higher. We can expect to see more sideways trading until the second half of the week.

Typically, TTM Squeeze, when it gives a buy signal, will have red dots. Right now we see green, and we can possibly see a transition to red in the near term. Red dots happen when the Bollinger bands (grey) move inside the Keltner Channels (black). It’s a sign of consolidation and potential energy buildup before a squeeze.

Picture from Mastering the Trade by John Carter

Edit 8 11:19AM:

Expect more sideways trading midday.

Edit 7 11:14AM:

On stream I went with an upside breakout. We are edging up, but not quite a breakout.

Edit 6 10:43AM:

Descending wedge, higher probability of a break to the downside, perhaps 132.5.

Edit 5 10:17AM:

9 million worth of Puts sold.

https://www.optionsonar.com/unusual-option-activity/GME/latest-trades

Edit 4 10:09AM:

Nothing alarming right now. No major red flags.

Edit 3 10:08AM:

Small mean reversion happening. Bounced at 140.39.

Edit 2 9:59AM:

Sell volume has picked up. SSR is triggered again. Hard floor of 120, but I don’t think we’ll hit it.

Edit 1 9:31AM:

<250k first minute candle. Low volume day?

Begin Reading Here

Gooooooood morning my space astronauts!

Hope everyone had a restful weekend. It’s going to be a turbulent few days, so strap in your seatbelts, keep your hands tucked at your sides, and prepare yourself mentally for a rollercoaster of a week.

I’ll be streaming daily as usual: https://www.youtube.com/watch?v=Oo5nm9tQIRE&ab_channel=WardenElite

My Monday streams are more focused on lecture. I’ll be going over how swing traders setup for a squeeze play, why GME looks like it’s near ready for a squeeze, and how to play Call options during a play like this. I’ll also go over margin calls, and examine what a margin call could look like by studying Viacom.

Premarket Analysis

As you can see, we are near the support of a wedge that is weeks in the making.

Seems we are net sideways in the premarket. I wouldn’t be surprised if we dip to 155 sometime this morning before a bounce.