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 maintain momentum from the long weekend as it consolidated above the prior day’s high and oscillated around the 20MA before continuing to move higher to new all-time highs.
With the confirmation of multiple day mini market cycle phase 2, watching price action to see if it continues higher as it retraced during the pre-market in a flag pattern and crossed below the 20MA before heading into the opening bell.
Pre-market Economic news and reports…
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After the opening bell, price action catapulted upwards and after a healthy flag pattern and pullback, we took an aggressive LONG entry based on a 3-bar candlestick reversal pattern. Once price action moved in our favor, we moved the stop to break even and then scaled out of our position with a minimum of 2.0+ points profit.
Price action continues to remain strong with all the weight of evidence focused on bullish setups.
Duration: 5+ minutes
For ultra-aggressive traders, during the first-hour session, there were maybe 2 aggressive entries that could lead to quick small profits.
For traders focused on higher quality trading, there was 1 good candlestick or chart pattern setups for quick profits.
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