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 consolidated inside the prior day’s range after the health retracement back to the hotzone (38%-62%) and after the huge rally intraday with strong momentum in a market cycle phase 2 with higher highs and higher lows based on flag patterns and swing pivots.
From a birds-eye view, price action has continued the previous strong market cycle phase 2 from February 2017 with higher highs and higher lows for an extended period over multiple days and continues to present several LONG setups (i.e. Flag patterns) (no reason to SHORT these markets).
Pre-market Economic news and reports continuing to not have much impact on the markets, but trade with caution since price action is at all-time highs.
Pre-market price action on the 5-minute charts is showing price action clearly inside the prior day’s range and with minor higher highs and higher lows heading into the opening bell.
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We took an aggressive entry SHORT and with slow momentum moving in our favor, we tighten our stops and took 0.5+ points profit.
Review all of our trades in the Quick Hits For Fast Profits Summary table…