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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Overnight price action continued to be in a tight range from the intraday and inside the prior day’s range as well. However, on the hourly chart, we continue to still be slightly moving upwards from the prior support area and remain below the prior swing pivot lows. Pre-market price action also trying to move upwards heading into the opening bell. We waited till after the opening bell and more weight of evidence for price action to move below the opening bell. We took a minimum position SHORT based on a flag pattern break down. We moved our stop to break even and got stopped out.
For ultra-aggressive traders, there were at most two good setups SHORT, where price action at least went in their favor with good follow thru for a quick profit (see chart).
For traders focused on higher quality trading, aggressive traders could have taken one candlestick reversal pattern on 15-minute chart.
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