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.
Overnight price action consolidated near the Friday’s high area after rallying for multiple days. Price action formed higher highs and higher lows showing clear evidence of a market cycle Phase 2.
From a birds-eye view, price action continues to be in a strong uptrend market cycle phase 2 with higher highs and higher lows over multiple days and presented several LONG setups (i.e. Flag patterns) over the last several days (no reason to SHORT these markets the last few days).
Pre-market Economic news very minimal today to start the week. Expect Tuesday and Wednesday to be report heavy and may impact the markets more.
Pre-market price action already above the prior day’s range and the prior day’s high and we see that with the markets at all time highs, we will watch the 5-minute for confirmation of price action staying above the prior day’s highs with swing pivot.
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We took an aggressive LONG entry after the opening bell once we had confirmation of price action staying above the prior day’s highs and the opening bell. Price action moved slowly in our favor on the 1-minute charts and we tighten our stops accordingly.
We closed the trade with a 1.0 point profit.
Review all of our trades in the Quick Hits For Fast Profits Summary table…
Extra Trades: None