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.
Overnight price action continued to show strength by crossing above the prior day’s high and then consolidated above it heading into the pre-market and opening bell. Price action continued the mini market cycle phase 2 uptrend over multiple days with higher highs and higher lows. The 20MA continued to move upward and stay above the 200MA.
With congruency across multiple time frames, price action getting close to testing all-time highs area.
Heading into the pre-market, price action testing the minor upper boundary of resistance heading into the opening bell.
Pre-market Economic news and reports…
Note: 20 Sessions can be scheduled over multiple weeks or months.
After the opening bell, price action oscillated around the opening bell with no direction in anticipation of the economic news.
With all the choppiness and overlapping candlestick bars, we decided to sit on hands and wait for more weight of evidence.
From the birds-eye view (i.e., 15-minute charts) we continue to be in a multiple day mini market cycle phase 2 with multiple flag patterns.
For ultra-aggressive traders, during the first-hour session, there was no aggressive entry that could lead to quick small profits.
For traders focused on higher quality trading, there were no good candlestick or chart pattern setups for quick profits.
Unlock more trading tools to improve your trading instantly…