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.
Detail Chart Analysis and Reviews provided in new & improved video format with audio.
Pre-market Economic news and reports…
ES Emini Futures overnight price action continued to consolidate inside the prior day’s range and finding similar areas of upper boundaries of resistance. Pre-market price action abruptly started moving lower and testing the prior day’s low heading into the opening bell. From a birds-eye view, we have created a 2X top where price action has potentially formed an M-pattern (i.e., Double Top) and we will wait for confirmation of the neckline being crossed before we start to be aggressive with trades.
Using our 1-minute charts, we had early evidence of lower highs and lower lows with multiple flag patterns. We took a flag pattern break down SHORT and once price action went in our favor we moved our stop to break even, then we took close to 2.0+ points profit.
For ultra-aggressive traders, lots of choppy price action and no really good momentum based moves.
For traders focused on higher quality trading, 5-minute charts provide a nice 4-bar reversal pattern that had a small move for quick profits this morning session.
Duration: 4+ minutes
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