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.
From a birds-eye view, price action continued the multiple day retracement and mini market cycle phase 2 uptrend yesterday. Overnight price action consolidated around the 20MA and converged in a triangle pattern heading into the pre-market and opening bell. The 20MA remained slightly above the 200MA as they converge towards each other and price action remains in the lower 2/3rds of the prior Fibonacci move.
Pre-market Economic news and reports…
Every Day we use the following Scalp Trading Strategies…
With the markets anticipating the FOMC news, price action consolidated in a very tight range majority of the morning session. We patiently waited for confirmation of more favorable conditions and trending price action. We took an aggressive entry LONG, but with all the consolidation and overlapping bars, we only pursued and captured 2.0+ points profit.
Mini Market Cycles Analysis: