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.
Overnight price action continued to slightly move lower after the markets re-opened Sunday afternoon. With price action finding some minor support and retesting the area in pre-market, momentum continues to look short-term bearish. The 20MA has converged lower and away from the 200MA heading into pre-market and the opening bell.
Price action continued to break prior day lows as a part of the extended flag pattern on the daily charts.
Pre-market Economic news and reports…
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Price action initially was very choppy and oscillating in pre-market. We waited patiently for more weight of evidence after the opening bell and took and ultra-aggressive LONG 2-bar reversal setup. We micro-managed the trade and took 2.0+ points profit, and once we had confirmation of the bullish intraday momentum, we took another LONG flag pattern breakout and micro-managed the trade for 10+ points profit.
Duration: 15+ minutes
For ultra-aggressive traders, during the first-hour session, there were at least 3 aggressive entries that could lead to quick small profits.
For traders focused on higher quality trading, there were at least 2 good candlestick or chart pattern setups for quick profits.
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