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.

Overnight price action continued to build momentum near the intraday highs and finding upper boundary of resistance as we had price action rally off the intraday lows and inside the prior day’s range with multiple flag patterns and higher highs and higher lows.

From a birds-eye view, price action showed a nice retracement from the prior down move with a mini market cycle phase 3 lower than the prior mini market cycle phase 3.

More Pre-market Economic news and reports being released as we head into the middle of the week.

Pre-market price action on the 5-minute charts rolling over and retracing from the overnight highs heading into the opening bell, however price action is in the upper 1/3rd of the prior day’s range.

So we watched our ES 5 Minute Complete rules and Market Cycle Analysis conditions for more evidence of setups from Candlestick analysis, chart formations and patterns and price action.

Explanation:

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With price action showing significant volatility inside the prior day’s range and moving up to test the prior day’s high area…need more weight-of-evidence and confirmation of higher lows to consider trading. Protecting profits and decided to sit-on-hands. 

Review all of our trades in the Quick Hits For Fast Profits Summary table…

Extra Trades: 

Price action provided multiple LONG setups on the 1 & 5-minute charts. Took 2+ points multiple times.

Note: You will have access to the commentary details if you register for our 2017 Scalp Trading MasterClass training program, or our ES LIVE Trading room. or Quick Hits For Fast Profits program.5-Next