Live Charting for 3/9/2021, mapping out the day's price action with Warden
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**Author: [u/WardenElite](https://www.reddit.com/user/WardenElite/)**

[DD](https://www.reddit.com/r/GME/search?q=flair_name%3A%22DD%22&restrict_sr=1)

Again to reiterate, since this should probably be at the top. This is not financial advice. It's at the bottom of every post but from now on I'll keep this at the top.

Summary of resources I used to learn:

> I would recommend Technical Analysis of the Financial Markets by Murphy and How to Day Trade for a Living by Aziz. You can find the free PDFs online. I watch Humbled Trader on YouTube. She's legit and really knows what she's doing. I also read a lot of Investopedia and learned about options trading from the online websites Options Playbook and TheOptionsGuide. Understand options is important for understanding trends, sentiment and where prices should go. Being able to read and understand the options chain is important. I use several tools at my disposal. Namely, optionistics for understanding IV and option price trends, barchart for options chain, OptionSonar for scanning for unusual options activity, Webull for charting and level 2 data, ThinkOrSwim for quick news scanning and Stonk-O-Tracker for SSR data. I check TradingView for amateur trading ideas just to make sure I haven't missed anything, and I like to read Form-10Qs (quarterly earnings), Form-8Ks (emergency updates), Form S-1 (for IPOs), 13Gs to track institutional positions (it's usually outdated but still useful), and 13Fs for funds that didn't file a 13G.

Edit 22 5:05PM:

Tomorrow's post will be up around 9:30-9:40 ish.

Edit 21 4:05PM:

Thanks for tuning in my fellow apes. It's been a great ride today and that last push at the end of the day was beautiful :D

So what can you expect after hours? *Usually* after hours will be mostly consolidation. We will see it correct itself if it's overextended, though keep in mind VWAP has reset to a new high. RSI and MACD just have to settle down a bit for it to consolidate. Now big money can buy in after hours, so I wouldn't be surprised if we see another spike.

Don't worry about it dipping. Just check the volume and see how low it is. Occasionally AH can be quite volatile.

After watching today, I am even more confident that bears r fuk.

I'll be tapping out now. Was a pleasure riding the wave with you guys today. I'll post something tomorrow morning and probably get another live charting session running.

Warden signing out.

Edit 20 4:00PM:

Not bad, the rally to 249 was short lived but we ended the day at 246.89. That's another victory for us!

Edit 19 3:58PM:

Let's fucking go. Can we break 250???

Edit 18 3:54PM:

It's passed it's brief period of consolidation in the expected price range. Breaking out to the upside. We should finish the day pretty strong. Usually buying pressure is constant until After Hours.

Edit 17 3:49PM:

Price is bouncing in an ascending channel. We've climbed higher and I can reasonably raise my estimate to around 239-241 for now.

Edit 16 3:43PM:

Seems like it really doesn't want to consolidate. MACD convergence going parallel and RSI wobbling back up. We may go even higher.

Edit 15 3:39PM:

Seeing 150k shares bought during the last tick. Price rallying from a nice push. Our RSI says we're overextended but MACD says we got a bit of room to go. I estimate it may settle down around 237-239 after consolidating.

Edit 14 3:18PM:

Btw I will check the comments frequently so if you have questions I'll answer in the comments. Sort by new to see the most recent Q&A.

Edit 13 3:14PM:

Minor breakout to the upside. I'm out of images cause of the 20 image post limit so I'll put it in words. Check volume. It's mostly less than 100k shares traded per minute. This minor rally doesn't seem too interesting to me.

Edit 12 2:54PM:

Welcome back everyone for power hour in 6 minutes! So how is GME doing?

[![r/GME - Live Charting for 3/9/2021, mapping out the day's price action with Warden](https://preview.redd.it/18y5m7rh52m61.png?width=2134&format=png&auto=webp&s=fbb3fb8f576f742ced35be99c72f5a7edd5fcdb9)](https://preview.redd.it/18y5m7rh52m61.png?width=2134&format=png&auto=webp&s=fbb3fb8f576f742ced35be99c72f5a7edd5fcdb9)

What matters across the trading day is the sustainable VWAP climb. The more VWAP climbs, the higher the floor for the price is. Today we made great progress climbing 13 dollars so far. Keep in mind VWAP is quite heavy and it takes a lot of volume to move the yellow line up.

[![r/GME - Live Charting for 3/9/2021, mapping out the day's price action with Warden](https://preview.redd.it/rp9v2l1u52m61.png?width=1126&format=png&auto=webp&s=b90383a4966750534cdb743542c2f60eae8ac921)](https://preview.redd.it/rp9v2l1u52m61.png?width=1126&format=png&auto=webp&s=b90383a4966750534cdb743542c2f60eae8ac921)

Some cool things to note: VWAP snaps sharply between market hours and after hours, making the most gains or losses in the shortest amount of time. It also snaps sharply from premarket gap ups and downs. Thus, the ideal scenario is both an after hours climb, as well as a 4:00AM gap up like what we saw premarket today.

Stay tuned during this last hour for updates on any interesting price movements! Ideally, we'll see another rally to help lift VWAP up before we end the trading day.

Intro

Good morning folks,

Warden here, gonna use my crayons here to give you peeps a real time trajectory prediction of GME's price action today. Starting a bit late today, I'll write my future posts earlier. A lot of what I draw will involve triangles. Read up on those here if you are interested. This is my exit strategy DD for GME: <https://www.reddit.com/r/GME/comments/m073v6/exit_strategy_dd_a_comprehensive_guide_to/>

TLDR; I believe today may be a pretty boring day aside from the fact that the stock is up another 16%. We'll likely see mostly consolidation early morning, perhaps a rally mid day, and some action during power hour.

[![r/GME - Live Charting for 3/9/2021, mapping out the day's price action with Warden](https://preview.redd.it/6upgufmct0m61.png?width=769&format=png&auto=webp&s=41a86c85268c9f821d55e753908a90b57adc5b28)](https://preview.redd.it/6upgufmct0m61.png?width=769&format=png&auto=webp&s=41a86c85268c9f821d55e753908a90b57adc5b28)

I will be editing this post with time stamps every time I think the trajectory has changed.

To start the morning off, it's currently 9:55AM, we see some interesting movements premarket.

[![r/GME - Live Charting for 3/9/2021, mapping out the day's price action with Warden](https://preview.redd.it/5sac0p3ao0m61.png?width=1859&format=png&auto=webp&s=c9d840fb0f9fdb5b886cdd1dd7236cac2ef1c97a)](https://preview.redd.it/5sac0p3ao0m61.png?width=1859&format=png&auto=webp&s=c9d840fb0f9fdb5b886cdd1dd7236cac2ef1c97a)

Starting the day off nicely with a roughly 25 dollar gap up at 4:00AM EST and another 15 dollar additional climb at market open.

[![r/GME - Live Charting for 3/9/2021, mapping out the day's price action with Warden](https://preview.redd.it/1y301ppco0m61.png?width=272&format=png&auto=webp&s=8ee7211f6114636dd6242d169150ee21f376119f)](https://preview.redd.it/1y301ppco0m61.png?width=272&format=png&auto=webp&s=8ee7211f6114636dd6242d169150ee21f376119f)

Today looks like an upward correction for tech stocks which consequently bumps up the S&P.

[![r/GME - Live Charting for 3/9/2021, mapping out the day's price action with Warden](https://preview.redd.it/8nmulcbjo0m61.png?width=1857&format=png&auto=webp&s=fa86fcb4bfcbe14cf24ce98b3297f01d507f280a)](https://preview.redd.it/8nmulcbjo0m61.png?width=1857&format=png&auto=webp&s=fa86fcb4bfcbe14cf24ce98b3297f01d507f280a)

Looking at VOO (an S&P 500 ETF), we can confirm a gapup premarket. This is great news for GME. I don't necessarily think GME is inversely correlated with the market. Rather, market rebounds inadvertently drive the HFT algorithms trading GME to push the price up.

10:01AM

[![r/GME - Live Charting for 3/9/2021, mapping out the day's price action with Warden](https://preview.redd.it/dug4n3uxo0m61.png?width=1858&format=png&auto=webp&s=8122020c4aa42437b8c92e197ee292a7cf502963)](https://preview.redd.it/dug4n3uxo0m61.png?width=1858&format=png&auto=webp&s=8122020c4aa42437b8c92e197ee292a7cf502963)

We've reached our first triangle wedge and I'm waiting now for it to breakout 4 pips to the upside or downside to predict it's next move. Given that it's so close to VWAP (the yellow line), I believe it has a higher probability of breaking to the upside.

Edit 1 10:07AM:

Volume looks not as high as expected. In the first minute, we see 2.8 million but it's settled down afterwards. Thus I believe today may be mostly consolidation and we might not see anything interesting till mid day or power hour.

[![r/GME - Live Charting for 3/9/2021, mapping out the day's price action with Warden](https://preview.redd.it/0tr233laq0m61.png?width=1857&format=png&auto=webp&s=4aa0fc3b8f47e1e60a03686d49138c75b7b01bed)](https://preview.redd.it/0tr233laq0m61.png?width=1857&format=png&auto=webp&s=4aa0fc3b8f47e1e60a03686d49138c75b7b01bed)

Especially since RSI is staying in the blue zone so nicely, it indicates a period of consolidation. This is great for GME because it's already up 16 percent and a day of consolidation would make it a strong support.

Another good sign of consolidation is the price (blue) intertwining with VWAP (red) and hugging it closely.

[![r/GME - Live Charting for 3/9/2021, mapping out the day's price action with Warden](https://preview.redd.it/7l4juov6r0m61.png?width=880&format=png&auto=webp&s=b3dda6e581e603c3df1d341c7287d0fd52f3485f)](https://preview.redd.it/7l4juov6r0m61.png?width=880&format=png&auto=webp&s=b3dda6e581e603c3df1d341c7287d0fd52f3485f)

The further the price strays from VWAP, the higher the probability it will want to violently snap back across VWAP.

Edit 2 10:20AM:

[![r/GME - Live Charting for 3/9/2021, mapping out the day's price action with Warden](https://preview.redd.it/g4tgjgges0m61.png?width=685&format=png&auto=webp&s=5f8a5707c8ce71840a7e8683074a63330c9ffcd9)](https://preview.redd.it/g4tgjgges0m61.png?width=685&format=png&auto=webp&s=5f8a5707c8ce71840a7e8683074a63330c9ffcd9)

Small breakout to the upside confirmed. It's testing resistance levels around 236 and 237. Given that it's now above VWAP, we can expect it to break a couple sell walls possibly up to 240 before falling 2-3 dollars and consolidating once again at a higher price level.

Edit 2 10:28AM:

It's looking like a sagging staircase. Testing higher consolidation levels but ultimately easing on buying pressure. Notice RSI is near overbought and sagging a bit.

Where will it go next? It will probably breakout to the upside due to an ABC Elliot wave.

[![r/GME - Live Charting for 3/9/2021, mapping out the day's price action with Warden](https://preview.redd.it/n72vw757u0m61.png?width=1858&format=png&auto=webp&s=a1984dc662dfa2d65cc1e28194b93beacdcb77d6)](https://preview.redd.it/n72vw757u0m61.png?width=1858&format=png&auto=webp&s=a1984dc662dfa2d65cc1e28194b93beacdcb77d6)

Edit 3 10:34AM:

Elliot waves typically occur when the price breaks out of consolidation wanting to test new resistance levels.

[![r/GME - Live Charting for 3/9/2021, mapping out the day's price action with Warden](https://preview.redd.it/i1475eltu0m61.png?width=961&format=png&auto=webp&s=43d19a03fd08a1c6dba12c2ebf895ef8826f4dd4)](https://preview.redd.it/i1475eltu0m61.png?width=961&format=png&auto=webp&s=43d19a03fd08a1c6dba12c2ebf895ef8826f4dd4)

Edit 4 10:46AM:

Elliot wave confirmed. Seems the C wave helped average out against the B wave, allowing the price to establish a new high on the staircase. This is an extremely bullish sign. Will it be able to maintain this roughly 240 price level? I don't think so. It may fall to 235 and allow VWAP to catch up. MACD favors the downside as of now.

[![r/GME - Live Charting for 3/9/2021, mapping out the day's price action with Warden](https://preview.redd.it/b9wnhqjdx0m61.png?width=1854&format=png&auto=webp&s=869bb1682bed435cc71e8c4432c935ddb6457ce2)](https://preview.redd.it/b9wnhqjdx0m61.png?width=1854&format=png&auto=webp&s=869bb1682bed435cc71e8c4432c935ddb6457ce2)

Edit 5 10:54AM:

As prices drift far from VWAP, there tends to be strong rejection of price and a fast retracement across VWAP. Given that the stock is really bullish, it will recover quickly.

[![r/GME - Live Charting for 3/9/2021, mapping out the day's price action with Warden](https://preview.redd.it/rrbnqpkqy0m61.png?width=1860&format=png&auto=webp&s=4f4bd7c32cd4ebaf6287737e8f750d6b6a2be19e)](https://preview.redd.it/rrbnqpkqy0m61.png?width=1860&format=png&auto=webp&s=4f4bd7c32cd4ebaf6287737e8f750d6b6a2be19e)

It may seem discouraging that the distance gained during the peak is all lost now as the price snaps across VWAP. This is not a bad thing. Notice the yellow VWAP line. Highlighted in blue, our ideal price point represented by VWAP has moved 18 dollars higher! By having the price overextend above VWAP, we drag VWAP up slowly making it easier for future prices to maintain higher levels. Our objective today is not to maintain high prices. It's to consolidate higher and establish a stronger and higher support level so the price can climb sustainably.

Edit 6 11:27AM:

A bit of information about bid-ask spreads. The *bid* is how much someone is willing to buy a stock. The *ask* is how much someone is willing to sell for. The *spread* is the distance between bid and ask.

As stocks start off in the morning, the bid-ask spread is higher. The BAS is typically higher during active trading hours. Things like algo traders, day/momentum traders love to trade in the first hour of market open. BAS is typically higher during higher volatility (which can be a result of low liquidity or just higher volume). Right now, the BAS is 29 cents, much lower than in the morning of around 50 cents to a dollar. You can use BAS to estimate how volatile the stock will be. A low BAS can indicate a consolidation period.

[![r/GME - Live Charting for 3/9/2021, mapping out the day's price action with Warden](https://preview.redd.it/i4g6hpyt41m61.png?width=437&format=png&auto=webp&s=ba7f2d331b969df61426f20483b51efa30513aad)](https://preview.redd.it/i4g6hpyt41m61.png?width=437&format=png&auto=webp&s=ba7f2d331b969df61426f20483b51efa30513aad)

Edit 7 11:55AM:

Price recovery confirmed. Looks like an ascending channel now with an attempt to breakout to the upside. BAS has almost doubled and it seems GME is looking to make its next move. Midday movements are harder to predict, but from VWAP alone, looks like it should continue the ascending channel a bit longer, then trade sideways followed by a high probability of a breakout to the downside.

[![r/GME - Live Charting for 3/9/2021, mapping out the day's price action with Warden](https://preview.redd.it/6ojmj50t91m61.png?width=1857&format=png&auto=webp&s=facd71c381f1239d5560f21199e803e9fcaadb7f)](https://preview.redd.it/6ojmj50t91m61.png?width=1857&format=png&auto=webp&s=facd71c381f1239d5560f21199e803e9fcaadb7f)

Edit 8 12:03AM:

Our ascending channel has continued a bit longer, but it's looking ready to trade sideways or breakout to the downside. RSI is way overextended and it's strayed far above VWAP. BAS was almost 1 dollar wide and it's looking ready to settle down and consolidate again.

[![r/GME - Live Charting for 3/9/2021, mapping out the day's price action with Warden](https://preview.redd.it/42wvc20sa1m61.png?width=864&format=png&auto=webp&s=f683f7505b3ba9de2d5b45b8d1503a56f2e3f5e3)](https://preview.redd.it/42wvc20sa1m61.png?width=864&format=png&auto=webp&s=f683f7505b3ba9de2d5b45b8d1503a56f2e3f5e3)

Edit 9 12:24PM:

For those of you who are curious about the long term outlook of the stock, GME is indeed forming a cup and handle.

[![r/GME - Live Charting for 3/9/2021, mapping out the day's price action with Warden](https://preview.redd.it/kiy78j7ke1m61.png?width=1856&format=png&auto=webp&s=d48d380548664333be9175dc17ada2378ccf5779)](https://preview.redd.it/kiy78j7ke1m61.png?width=1856&format=png&auto=webp&s=d48d380548664333be9175dc17ada2378ccf5779)

I believe the price will continue to go up. The buying pressure is overwhelming and at this point, even if we see massive dips from shorting, the market wants this stock to shoot through the stratosphere.

Edit 10 12:32PM:

Sideways followed by breakout to the downside confirmed.

[![r/GME - Live Charting for 3/9/2021, mapping out the day's price action with Warden](https://preview.redd.it/j9hzteq5g1m61.png?width=1858&format=png&auto=webp&s=d4fc850f5194f0ed13093cb08a68e4345bde9ef9)](https://preview.redd.it/j9hzteq5g1m61.png?width=1858&format=png&auto=webp&s=d4fc850f5194f0ed13093cb08a68e4345bde9ef9)

Where will it go next? Given that RSI is underbought and it's sufficiently close to VWAP, I think it may go up some more and start consolidating, allowing VWAP to catch up.

Edit 11 12:53PM:

For those of you wondering what price I think this will reach by the end of 3/12 and for all you paper hands getting anxious, I believe the price will exceed $350 by Friday this week based on linear extrapolation assuming a 40+ dollar climb per day. Keep in mind that Thursdays and Fridays typically have a smaller climb and more often than not, a stock goes down near the end of the week. A lowball estimate is 300 and a highball is 500.

You can check the options chain on <https://www.barchart.com/stocks/quotes/GME/options?moneyness=allRows> to see the most popular Call option strike prices.

[![r/GME - Live Charting for 3/9/2021, mapping out the day's price action with Warden](https://preview.redd.it/vln143shk1m61.png?width=1162&format=png&auto=webp&s=312644b3b7ea40417a9802b5cd6a1cbae3f91e24)](https://preview.redd.it/vln143shk1m61.png?width=1162&format=png&auto=webp&s=312644b3b7ea40417a9802b5cd6a1cbae3f91e24)

The number I highlighted is the open interest, how many of those Calls have not been settled, so they are active contracts. The more that are there, the the more significant the price. I circled the four highest open interest Call strikes within the 300-500 range. This is how I usually make my longer term price estimates. I look at reasonably Out of the Money Calls and see the prices with the highest open interest. These are simply bets made by buyers of the Calls. Not a predictor of the future price. Nevertheless, other peoples' bets are useful to me.

Edit 11 1:03PM:

I will tap out for now and come back later in the afternoon. Most of the interesting price movements have happened already. Expect the price to perhaps rally more in the afternoon and see some more dips across VWAP followed by a fast recovery. I'll be back during power hour (3PM) to cover any interesting movements then. Power hour is the second most actively traded hour for day traders and algo traders.

Edit: NEW EDITS WILL BE AT THE TOP FROM NOW ON AND FOR ALL FUTURE POSTS :D
