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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Pre-market Economic news and reports…
Overnight price action found minor support near intraday lows from the pit hours and retraced off the lows with a flag pattern. Price action continued to show weakness with a series of lower highs and lower lows heading into the pre-market. Pre-market price action crossed below the prior day’s low after breaking below multiple swing pivot lows with the 20 MA < 200MA.
LIVE 1st Hour Session:
Similar to yesterday, price action dramatically reversed below the opening bell and after a 2-bar reversal below the opening bell, we took a SHORT. We aggressively moved our stop to break even, and price action stopped us out at breakeven.
Duration: 1+ minute
Once we had confirmation of price action remaining below the opening bell and below the 20 MA, we waited for the flag pattern set & 4-bar reversal pattern. Took SHORT entry and as price action immediately went in our favor, we moved our stop to break even for a “free trade”. Then with the momentum moving quickly, we took 2.0+ points profit.
During the doldrums, we watched price action retrace off the intraday lows, and then cross back below the 20 MA and form a multiple bar reversal pattern. Went SHORT and slowly moved our trailing stop, and took 2.0+ points profit.
Price action continued to remain below the 20 MA and we took a flag pattern break down SHORT. Using a trailing stop, we slowly moved our initial stop and continued to manage the trade. Took 2.0+ points profit.
With price action continued to show evidence of a down trend, mini market cycle phase 4, staying below the 2 MA and lower highs and lower lows, we took another SHORT. Moved our stop to breakeven for “free trade”. We then took 1.0+ points profits because of our trailing stop.
Note: Today is perfect example of our “Starbucks strategy“.
Price action continued to show mini market cycle phase 4 weight-of-evidence. Took SHORT based on 4-bar reversal pattern and intraday lows. Micro-managed the trade and took 2.0+ points profit.
Took another SHORT and micro-managed the trade and Scaled out of position and took 2.0+ points profit.
Held remaining position and scaled out for 4.0+ points profit.
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