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.
Price action re-opened Sunday afternoon and consolidated sideways around the 20MA. With momentum being in a multiple day mini market cycle phase 4, the Emini futures continue to have a series of lower highs and lower lows. The 20MA continues to converge downward below the 200MA. Overnight price action retraced in a triangle chart pattern in pre-market and heading into the opening bell.
Pre-market Economic news and reports…
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After the opening bell, price action consolidated around the opening bell before forming a slightly higher low above the opening bell. Momentum moved to new intraday highs and then formed a flag pattern before breaking to new intraday highs. We patiently waited for confirmation of a higher low above the 20MA. We took an ultra-aggressive entry LONG based on the flag pattern breakout and price action went in our favor and we captured 1.0+ points profit.
Mini Market Cycles Analysis: