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 price action created a complete mini market cycle as momentum moved upwards in the early part of the trading day and then reversed in the late-day session. After-hours and overnight price action retested the intraday highs and then consolidated in a triangle pattern in the upper 1/3rd of the prior intraday range. The 20MA converged above the 200MA as price action oscillated around the 20MA heading into pre-market and the opening bell.
Pre-market Economic news and reports…
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Price action initially moved lower after the opening bell and after a series of lower highs and lower lows, found minor support at the intraday lows. Price action then formed a W-pattern and momentum started to build and cross above the opening bell. We patiently waited for confirmation of a higher low and flag pattern and we took several ultra-aggressive LONG entries based on a breakout and 3 bar reversal patterns. Once price action went in our favor, took 2.0+ points profit several times.
Duration: 5+ minutes
For ultra-aggressive traders, during the first-hour session, there were 3 quality ultra-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.
Mini Market Cycles Analysis:
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