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 consolidation overnight inside the prior day’s range as momentum oscillated around the 20MA. With the sideways price action, momentum found minor resistance slightly above the 20MA and price action retraced off the overnight highs area multiple times heading into pre-market and the opening bell.
Pre-market Economic news and reports…
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After the opening bell, price action initially went above the opening bell and as expected shortly afterwards, reversed below the opening bell and formed a 2X bottom. Momentum then push higher with multiple swing higher lows and towards new intraday highs after closing above the 20MA and the swing pivot high. We waited for the 1-minute charts to confirm momentum above the new intraday highs and we aggressively took a LONG entry based on a new intraday high. Momentum moved in our favor and we easily captured 2.0+ points profit.
Mini Market Cycles Analysis: