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.
Detail Chart Analysis and Reviews provided in new & improved video format with audio.
Registered LIVE Trading Room attendees get FREE access…Click here!
Pre-market Economic news and reports…
Overnight price action consolidated in the 50% area of the prior intraday. Momentum started to build after price action found minor support and started forming higher highs and higher lows heading into the opening bell. Price action crossed above the prior day’s high and then started to retrace in pre-market with a flag pattern while oscillating back and forth around the 20 MA. With markets anticipating economic news, pre-market consolidation carried over into the first hour.
Price action consolidated in a very tight range with lots of overlapping candlestick bars. Market oscillated above and below the 20 MA and opening bell with no direction. Decided to sit on hands and PROTECT trading capital.
Today, we continued to see an upper boundary of resistance and eventually, price action rolled over, crossed below the 20 MA and crossed below the opening bell. Once we had evidence and confirmation of a lower high and huge 5-bar candlestick reversal pattern, we took a SHORT and with price action slowly moving in our favor, we moved the stop to “break even” and eventually took 2.0+ points profit.
Unlock more trading tools to improve your trading instantly…