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…
Today price action was already showing mini market cycle phase 2 momentum from overnight and pre-market price action. Pre-market price action starting overlapping and showing early signs of a mini market cycle phase3.Also, price action already crossed above the prior day’s high and was breaking out of a flag pattern.
We waited for the opening bell and started to see more evidence of weakness with price action below the opening bell and lower highs and lower lows. Took an aggressive SHORT entry and manage the trade with a conservative stop. Slowly moved in our favor and we moved our stop to breakeven for a “free trade”. Micro-manage the trade on a 1-minute chart for potentially more profits.
We eventually took 3+ points profit.
Notice price action remained below the opening bell!
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