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.
Price action moved higher in anticipation of the FOMC announcement and retested the multiple day high area of minor resistance before reversing and crossing below the 20MA. Aggressive bearish momentum pushed price action below the opening bell and price action broke down below the multiple days minor support area to new lows. Overnight price action consolidated in the lower 1/3rd of the prior day’s range heading into the pre-market and opening bell.
Pre-market Economic news and reports…
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Pre-market price action indicated slight bullish momentum from the mini market cycle phase 2 uptrend and bounce off the overnight lows. Once price action reversed and closed above the opening bell, we patiently waited for more weight-of-evidence and confirmation of a higher low. We took an aggressive entry LONG based on the flag pattern breakout and price action went in our favor and we captured 1.0+ points profit.
Mini Market Cycles Analysis: