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.
Overnight price action continued to consolidate near the prior day’s highs after price action rallied in the doldrums and crossed the prior day’s highs and achieved new all-time highs. Price action continued to form higher highs and higher lows showing clear evidence of a market cycle Phase 2.
From a birds-eye view, price action has been in a strong market cycle phase 2 with higher highs and higher lows over multiple days and presented several LONG setups (i.e. Flag patterns) over the last several days (no reason to SHORT these markets the last few days).
Pre-market Economic news expected to be extensive today with numerous reports being released today.
Pre-market price action on the 5-minute charts rolling over with multiple bearish candlesticks and a lower swing pivot and flag pattern suggesting a retracement until we see multiple swing pivot lows broken.
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We took a LONG entry and watched the market conditions become very choppy back and forth on the 1-minute charts with no evidence of trending. We took 0.50 point profit.
Review all of our trades in the Quick Hits For Fast Profits Summary table…
ES 5 Minute Complete Strategy gave us a quick LONG setup and because of the overnight price action resistance area, we took 1 point profit.
We get multiple setups from the ES 5 Minute Complete Strategy and the Advanced Mastering the Market Cycle Strategies to take a LONG position. We take 2 points profit.
Continued to get Market Cycle Strategy setups LONG. After the flag pattern retest, we took another LONG position and took 2+ points profit.