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 consolidate in the upper 1/3rd of the prior day’s range while remaining in an extended flag pattern.
Previous Day’s price action was in a mini market cycle phase 2 and continued yesterday with the strong bullish momentum as price action failed after the opening bell and formed a higher swing pivot low and then crossed back above the opening bell and rallied towards all-time highs.
Our 20MA continues to be above the 200MA and all the weight of evidence bullish.
Pre-market Economic news and reports…
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After the opening bell, price action consolidated under the opening bell before crossing above it and we took an aggressive LONG entry. We used a tight stop to manage the trade and as soon as it went in our favor, we moved the stop to break even and then closed out of our position with 2.0+ points profit.
Duration: 3+ minutes
For ultra-aggressive traders, during the first-hour session, there were maybe 2 aggressive entries that could lead to quick small profits.
For traders focused on higher quality trading, there was no good candlestick or chart pattern setups for quick profits.
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