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.
Price action continued the strong mini market cycle phase 2 uptrend over the last few days and momentum as reached all-time highs. Price action remained in the upper 1/3rd of the intraday range and consolidated above the 20MA. In after-hours, price action oscillated around the prior day’s high and found some minor resistance as it retraced heading into pre-market and the opening bell. The 20MA continues to converge upwards and above the 200MA heading into the opening bell.
Pre-market Economic news and reports…
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In overnight price action, the markets formed a 2X bottom (i.e., W-pattern) and transition to a mini market cycle phase 2 uptrend. After the first flag pattern breakout with follow thru to new highs, we patiently waited for the next flag pattern and we took several aggressive setups LONG based on flag pattern breakouts. Price action moved in our favor and we captured 1.0+ points profit on multiple occasions.
Price action then rolled over and transition to a mini market cycle phase 4 and we waited for confirmation of a lower high and flag pattern breakdown and took an aggressive SHORT entry and captured 1.0+ points profit.
Mini Market Cycles Analysis: