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.
Overnight price action continued a similar pattern from the past couple of days, by consolidating near the prior day’s highs after price action rallied in the doldrums and crossed the prior day’s highs and achieved new all-time highs. Price action continued to form higher highs and higher lows showing clear evidence of a market cycle Phase 2.
From a birds-eye view, price action has been in a strong market cycle phase 2 with higher highs and higher lows for an extended period over multiple days and continues to present several LONG setups (i.e. Flag patterns) over the last several days (no reason to SHORT these markets the last few days).
Pre-market Economic news and reports coming to an end as we finish the week. Watch for any reactions to numerous reports being released today.
Pre-market price action on the 5-minute charts retracing with multiple bearish candlesticks and a lower swing pivot and flag pattern suggesting a retracement heading into the opening bell.
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We took an aggressive LONG entry and watched the market conditions become very choppy back and forth on the 1-minute charts with no follow thru. We took 1.00 point loss.
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With price action showing weakness below the opening bell on the 1-minute chart, we took an aggressive counter-trend trade SHORT. Small movements in price action caused us to tighten stop and took 0.50 point profit.