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.
Overnight price action consolidated inside the prior day’s range and found minor support in the lower 1/3rd of the prior intraday range. Price action then crossed back above the descending 20MA heading into the pre-market and opening bell. From a birdseye view, Emini price action is in a multiple day flag pattern retracement from the previous mini market cycle phase 2 move.
Using Fibonacci analysis, price action remained in the upper 1/3rd of the prior move. Watching price action carefully for the additional weight of evidence to gauge direction.
Heading into the pre-market and the opening bell, price action moving towards the upper boundary of the multiple day flag pattern.
Pre-market Economic news and reports…
Note: 20 Sessions can be scheduled over multiple weeks or months.
After the opening bell, price action was extremely choppy while inside the prior day’s range. With no follow thru and direction decided to sit on hands and PRESERVE and PROTECT profits for the week.
For ultra-aggressive traders, during the first-hour session, there were only 1 or 2 decent aggressive entries that could lead to quick small profits.
For traders focused on higher quality trading, there were no good candlestick or chart pattern setups for quick profits.
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