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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Pre-market Economic news and reports…
Overnight price action showed strong momentum from the weekend with higher highs and higher lows while moving above the prior day’s highs. After the opening bell, waiting for confirmation and weight-of-evidence to show that we were still in an uptrend. Took an aggressive LONG trade and as price action slowly went in our favor, we moved the stop to breakeven and eventually closed the trade with 2.0+ point profit.
Duration: 3+ minutes
Price action started to find an upper boundary of resistance on the 1-minute charts and formed a mini market cycle phase 3. We waited for confirmation of lower highs and lower lows while price action closed below the opening bell and we took a SHORT trade. We gave it room with a conservative stop, and we slowly moved the stop to breakeven to get a “free trade”. Using a trailing stop, we took 5.0+ points profit.
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