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.
Yesterday’s price action found minor support during the normal trading hours (i.e., Pit) initially after increased volatility in the morning session and rallied strongly in the late day session. While trying to build momentum, the 15-minute chart continued to be in an extend multiple day mini market cycle phase 4 and retested the upper boundary of the previous ascending support area. Overnight price action consolidated around the 20MA before breaking down and reacting to news heading into the pre-market and opening bell.
Pre-market Economic news and reports…
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Price action on multiple time frames was very choppy with wide-range candlestick bars and no significant follow thru. With the increased volatility and wicks on most candlesticks, we decided to sit on hands.
For ultra-aggressive traders, during the first-hour session, there were no quality ultra-aggressive entries that could lead to quick small profits.
For traders focused on higher quality trading, there were no good candlestick or chart pattern setups for quick profits.
Mini Market Cycles Analysis:
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