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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Overnight price action consolidated below the prior day’s range during the holiday weekend. Momentum during this time found some minor support and began slowly increasing with slightly higher highs and higher lows heading into the opening bell. Price action found upper boundary of resistance similar to the previous 22 Day range in late July 2017 and now resides in the previous range.
For ultra-aggressive traders, there were at most one or two good setups that gave a quick profit (see chart) to focus on considering all the overlapping price action.
For traders focused on higher quality trading, the markets are extremely choppy so should have sit on hands.
Once price action remained below the opening bell, and started to show evidence of lower highs and lower lows while being below the 20 MA, we took a SHORT entry with a minimum position size, and slowly moved our stop to break even, and took 2.0+ points profit.
With price action continuing to move lower and following our 20 MA, we took a SHORT with price action closing below the 20 MA, 5-Bar candlestick reversal pattern. Using a trailing stop, we took 7.0+ points profit.
Notice on your 5-minute charts, price action remained below the 20 MA, allowing us to micro-manage the trade with a trailing stop.
Continuing to watch 1 & 5-minute charts, we see price action break down below the 20 MA again, and we took a SHORT entry. We slowly moved our stop to break even, and then using a trailing stop took 3.0+ points profit.
Using our 1-5-15 minute charts, price action continues to be in a mini market cycle phase 4 with a series of lower highs and lower lows from multiple flag patterns. Took another SHORT entry, and moved our stop to break even, then took 2.0+ points profit.
Another ES 5 Minute Complete Strategy setup form and we took a SHORT entry. Moved our stop to break even and using a trailing stop, took 2.0+ points profit.
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