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.
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Pre-market Economic news and reports…
With price action being in a mini market cycle phase 4 on the 5-minute chart, we dropped down to our 1-minute chart and took an aggressive SHORT.
Price action slowly went in our favor and we took 2+ points profit.
Notice that price action was in the upper 1/3rd of the prior day’s range. This made it extremely important to review our analysis of all the weight-of-evidence and reduce our position size.
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