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.
Yesterday’s price action immediately catapulted after the opening bell and continued to build momentum in a mini market cycle phase 2 with higher highs and higher lows. Price action crossed above the prior day’s high and remained there during after-hours and overnight. Overnight price action started to consolidate around the 20MA which converged away from the 200MA heading into pre-market and the opening bell. Multiple day price action providing an early indication of a W-pattern with a 2X bottom and support.
Pre-market Economic news and reports…
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Price action on multiple time frames was very choppy with wide-range candlestick bars and no significant follow thru. With the increased volatility and wicks on most candlesticks, we decided to sit on hands the first hour.
For ultra-aggressive traders, during the first-hour session, there were 1 quality ultra-aggressive entries that could lead to quick small profits.
For traders focused on higher quality trading, there were 1 good candlestick or chart pattern setups for quick profits.
Mini Market Cycles Analysis:
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