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 continued to remain slightly below the intraday lows after a complete 100% reversal during normal trading hours. With the 2X topping action, we started to see lower highs and lower lows continuing into after-hours where price action found minor support and start to form an extended flag pattern heading into the pre-market and opening bell. Our 20MA is now converging slightly lower towards the 200MA.
Volatility continues to be extremely high with excessive intraday ranges.
Pre-market Economic news and reports…
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Price action immediately after the opening bell went lower and then created an ultra-aggressive SHORT setups at intraday lows. We waited for the flag pattern multi-bar reversal and took an aggressive SHORT. We micro-managed the trade and took 5.0+ points profit. After more confirmation for price action moving lower, we waited for a triangle pattern breakdown and took a 4-bar reversal candlestick pattern SHORT. We micro-managed the trade for 2.0+ points profit.
Duration: 15+ minutes
For ultra-aggressive traders, during the first-hour session, there were at least 3 aggressive entries that could lead to quick small profits.
For traders focused on higher quality trading, there were at least 2 good candlestick or chart pattern setups for quick profits.
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