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.
Price action continued the multiple day mini market cycle phase 4 downtrend during normal trading hours yesterday and during after-hours. Momentum pushed price action below the major support areas in overnight trading as price action continued to remain below the 20MA and below the prior day’s intraday lows. The 20MA continued to converge below the 200MA heading into pre-market and the opening bell.
Pre-market Economic news and reports…
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After the opening bell, price action continued the multiple day mini market cycle phase 4 on the 30-minute charts. We waited for the 1-minute charts to transition into a mini market cycle phase 4 downtrend and price action closed below the opening bell and we aggressively took a SHORT entry based on an M pattern break down. Momentum moved in our favor and we easily captured 4.0+ points profit.
Mini Market Cycles Analysis: