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 slowly trended lower with lower highs and lower lows as price action remained inside the prior day’s range. From a birds-eye view, price action is showing a multiple day uptrend with higher highs and higher lows while the late day and overnight price action is in a flag pattern.
Pre-market price action trying to slowly rally off of overnight lows on 5-minute chart and note that price action is near the 50% retracement levels of the prior day’s range heading into the opening bell.
Cautious because we have several economic reports released this morning.
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Took a LONG position once price action after price action bounced back above the opening bell and watched the 1-minute chart slowly go in our favor…we took 2+ points profit.