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.
From a birds-eye view, price action continued the multiple day mini market cycle phase 2 uptrend with a series of flag patterns and higher highs and higher lows. Price action continues to converge around the ascending 20MA. Momentum continued to push price action higher towards the prior day highs overnight and heading into the opening bell. The 20MA continued to converge upwards away from the 200MA. A significant upper boundary of resistance is just above the pre-market price action.
Pre-market Economic news and reports…
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After the opening bell, price action immediately formed a 2-bar candlestick reversal pattern and we took an aggressive LONG entry after 2-bar reversal and we captured 2.0+ point profit. Momentum continued to be strong near new intraday highs as price action formed a triangle pattern and we took the breakout LONG and micro-managed the trade for 2.0 points profit.
Mini Market Cycles Analysis: