This commentary will focus on the first 60-90 minutes after the Opening Bell. However, our strategies can and will provide setups the entire trading day.
The Easiest Way To prepare for Scalp Trading the ES E-Mini Futures.
Detail Chart Analysis and Reviews provided in new & improved video format with audio.
Pre-market Economic news and reports…
ES Emini Futures overnight price action began building momentum after finding minor support slightly under the prior day’s low and after the abrupt sell-off in yesterday’s late-day session. Momentum started to move higher with a series of higher highs and higher lows heading into the pre-market before consolidating sideways. Price action continues to be inside the prior multiple day range.
With pre-market price action forming a 3X top and lower high from a flag pattern, we took a SHORT with a minimum position size and as price action we slowly in our favor, we moved the stop to break even, we then scaled out of partial position with 1.0+ point profit and then with no additional follow thru closed the remaining position with 1.0+ points profit.
For ultra-aggressive traders, with markets excessively choppy and price action inside the pre-market range, there were no really good setups this morning.
For traders focused on higher quality trading, similar to the ultra-aggressive trading conditions, there were no quality setups this morning session.
Duration: 5+ minutes
Once price action showed enough weight of evidence that it was not moving lower, we patiently watched the 1-minute charts as we had a series of higher highs and higher lows from flag patterns, and we took a LONG setup and moved our stop to break even after price action went in our favor. Using a trailing stop, took 2.0+ points profit.
Unlock more trading tools to improve your trading instantly…