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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Using 1-minute charts, with price action already above the prior day’s high, we waited for the first 1-minute bar to close above the opening bell and took an aggressive LONG trade. With a relatively tight initial stop, price action did not show any good follow thru and we go stopped out. Micro-managing the trade, we took 1.5+ points loss.
With price action rolling over and a lower high below the opening bell, we waited for the flag pattern break down and retest. We took a SHORT, with our stop above the high of the flag pattern. Price action went immediately in our favor and we micro-managed the trade for 4+ points profit.
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