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 as it remained below the prior day’s low. As price action oscillated around the 20MA during overnight trading, it found minor support near the 38% Fibonacci level from the prior mini market cycle phase 2. The 20MA has crossed below the 200MA earlier and flatten heading into pre-market and the opening bell.
Pre-market Economic news and reports…
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Pre-market price action formed a flag pattern right before the opening bell. Once price action crossed below the lower boundary of the flag pattern, we started to get confirmation of the continuation of the mini market cycle phase 4 and patiently waited for more weight-of-evidence and flag pattern breakdowns. We took an aggressive setup SHORT based on flag pattern breakdown. Price action moved in our favor and we captured 2.0+ points profit.
Mini Market Cycles Analysis: