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.
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Pre-market Economic news and reports…
Watching price action in after-hours yesterday, we started to see a little evidence of price action finding upper boundary of resistance for a potential 3X top. Overnight price action began confirming price action extended the mini market cycle phase 3 and slowly started showing lower highs and lower lows on the 15-minute charts. Using the 60-minute charts, we have additional evidence of confirming the previous lower phase 3’s as the markets continue to see upper boundaries of resistance.
We took a SHORT in early pre-market on the 15-minute chart with a tight stop and as price moved slowly in our favor, we moved the stop to breakeven. Watching carefully, and with very little volume and using a trailing stop, scaled out and took 1.0 profit on partial position and continued to hold a remaining position as free trade. Closed remaining position also with 0.5+ profit.
Closed remaining position also with 0.5+ profit.
Duration: 30+ minutes (pre-market)
Took another SHORT in pre-market and moved stop to breakeven, and with low volume reduced target and took 1.0 profit.
While price action was below the opening bell, and no real direction, we did take a minimum position SHORT after a 1-minute chart flag pattern. With no follow thru we close it at breakeven.
Markets started to show weakness on the 1-minute charts and we waited for a healthy retracement off the lows. Price action formed a mini market cycle phase 3 (i.e., M pattern) and once we confirmed the lower high, we took an aggressive SHORT. Micro-managed the trade with a trailing stop after moving the initial stop to breakeven. Scaled our of partial position with 2.0+ point profit and held the remaining position with a stop at breakeven.
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