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 yesterday and from last week. Momentum continuing to head in the direction closely towards the all-time highs, started to find a slight upper boundary of resistance and retraced back towards the prior day’s high. The 20MA remained constant and above the 200MA as they converge away from each other heading into the opening bell.
Pre-market Economic news and reports…
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Overall price action continued to be in a multiple day mini market cycle phase 2, and we had congruency on all timeframes (i.e., Daily, 60, 15, 5, and 1-minute charts). Keeping in mind, that we are approaching the all-time high area and potential for significant resistance, we adjusted our preliminary targets to 1.0+ points profit. We patiently waited for confirmation of higher low above the opening bell and we took an aggressive entry LONG, based on flag patterns breakout and we captured 1.0+ points profit.
Mini Market Cycles Analysis: