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 continued to show weakness from Friday’s move lower with lower highs and lower lows as price action crossed below the prior day low’s from Friday. Multiple flag patterns providing strong evidence of the continuation of the market cycle phase 4.
From a birds-eye view, market cycle analysis continues to show great price action moves of complete market cycles and the later part ((i.e., Wed – Fri) of last week was a small retracement of the big move down from the beginning of last week.
Pre-market Economic news and reports starting the week with minimal content being released.
Pre-market price action on the 5-minute charts bouncing off the overnight lows in a flag pattern heading into the opening bell.
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Price action showed resilience and moved above the opening bell after finding intraday support at the low of the day. Waited for flag pattern and confirmation of higher low. Flag pattern breakout and retest. Took countertrend LONG trade. Took 2+ points profit.
Price action continued to show evidence of an up trend with higher highs and higher lows while above the opening bell. Major trend is still down, but we took another countertrend trade LONG. With a tight trailing stop…stopped out with a 1+ point profit.
Following the Market Cycle strategies and all the weight-of-evidence pointing to a good phase 2 and multiple flag pattern, took another countertrend LONG trade. Price action nicely went in our favor and we took 2+ points profit.