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 aggressively move lower from the massive downtrend in the prior intraday. Finally, price action found some minor support and bounced off the overnight lows back towards the 20MA on the hourly charts while the 20MA continued to converge lower and below the 200MA. In less than six days, price action has retraced over 100+ percent of the January 2018 move of 200+ points.
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Price action continued to be extremely volatile with huge movements on the 1-minute charts. After the opening bell, we ignored the rally because of counter-trend trading and the last several day’s of price action have been extremely bearish. So trading with the markets and not against them, we waited for the 2X top and confirmation of the lower high and took a 3-bar reversal setup SHORT using a market lot (i.e., minimum position size) and micro-managed the trade for 5.0+ points profit.
Duration: 15+ minutes
For ultra-aggressive traders, during the first-hour session, there were at least 2 aggressive entries that could lead to quick small profits.
For traders focused on higher quality trading, there were at least 1 good candlestick or chart pattern setups for quick profits.
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