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 rallied after finding minor support over the weekend and started trending with higher highs and higher lows. Price action crossed back above the prior day’s highs and continued to provide bullish weight of evidence heading in to pre-market and the opening bell. The previous mini market cycle phase 3 is providing an area of minor resistance and momentum is retesting it heading into the opening bell.
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Immediately after the opening bell, price action moved slightly lower and then crossed back above the opening bell and 20MA. We probed and took a minimum position LONG. Price action failed to move higher and we took a 1.0+ point loss.
For ultra-aggressive traders, once we had several failed price action moves higher on the 1-minute charts, there were a couple of opportunities for aggressive trading SHORT with very small quick profits.
For traders focused on higher quality trading, immediately after the opening bell, there was at least 1 candlestick reversal pattern SHORT for scalp trading for quick profits.
Duration: 3+ minutes
With all the weight of evidence pointing towards bearish short-term momentum, price action retraced and formed a flag pattern and we took a multiple bar candlestick reversal pattern SHORT with a minimum position size since this is a counter-trend trade. With no follow thru from price action, took a 1.0+ point loss.
With price action remaining below the 20MA on the 15-minute charts and multiple flag patterns, we took an aggressive SHORT and slowing moved our trailing stop to break even. With price action retesting the prior day lows, we continued to micro-manage the trade on the 5-minute charts and moved our trailing stops. Took 3.0+ points profit.
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