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.
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Overnight price action continued to have a slight uptrend over the last 2 Days as we see slight higher highs and higher lows. Notice the angle of the mini market cycle phase 2 is not very steep. We waited for more evidence after the opening bell and we adapted our analysis for price action as it moved above the prior day’s high in pre-market. Lots of noise as price action barely moved on the 1-minute charts slightly higher while staying above the 20 MA. Decided to sit on hands.
Finally, we started to see confirmation of price action breaking down with lower highs and lower lows on the 1-minute charts. Took aggressive SHORT with a minimum position size. Price action slowly went in our favor and we moved the stop to breakeven for a “free trade”. Took 2.0+points profit.
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