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.
Yesterday’s price action continued the multiple day mini market cycle phase 4 with lower highs and lower lows during the normal trading hours. Price action remained below the 20MA and eventually found minor support at the intraday lows. Overnight price action retested the prior day’s low area and continued to consolidate around the 20MA heading into pre-market and the opening bell. The 20MA continued to converge lower and away from the 200MA as price action retested the overnight lows.
Pre-market Economic news and reports…
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Price action moved aggressively above the opening bell and formed a multiple bar reversal and eventually closed below the opening bell, and took an aggressive SHORT. Once price action went in our favor, we used a trailing stop and then took 7.0+ points profit.
Duration: 5+ minutes
For ultra-aggressive traders, during the first-hour session, there were 2 aggressive entries that could lead to quick small profits.
For traders focused on higher quality trading, there were 1 good candlestick or chart pattern setups for quick profits.
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