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 for the ES Emini Futures continued to consolidate near the Friday intraday highs based on the “pit”. Price action formed an extended flag pattern after crossing above the prior day’s high and oscillated around the 20MA and the prior day’s high before moving slightly higher heading into pre-market and the opening bell.
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Pre-Market price action provided a nice 3-bar candlestick reversal pattern above the prior day’s high and we took a LONG entry using the 15-minute charts. We slowly moved our stop to break even, and using a trailing stop took 1.50+ points profit.
Immediately after the opening bell, price action consolidated and moved slightly lower. Once we identified the 2X top (i.e., M-pattern on the 1-minute charts, we waited for confirmation of a flag pattern and lower highs and lower lows.
For ultra-aggressive traders, there was may 1 aggressive entries for very quick profits.
For traders focused on higher quality trading, with price action very choppy and consolidating, there were NO quality candlestick setups for quick profits.
Duration: 3+ minutes
With a series of lower highs and lower lows from flag patterns on the 5-minute charts, we took a 3-bar candlestick reversal pattern SHORT. Once price action we in our favor, we moved our stop to break even and using a trailing stop, we took 1.0+ points profit.
After multiple flag patterns and a 4-bar candlestick reversal pattern, we took another SHORT. Once price action went in our favor, we moved our stop to break even and using a trailing stop took 2.0+ points profit.
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