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.
Overnight price action remained inside the prior day’s range and crossed below the 20MA and began building momentum as it moved lower with lower highs and lower lows followed by consolidation areas and flag patterns.
With the confirmation of mini market cycle phase 4, several swing pivot lows were broken.Price action continued lower for the first time in several days and crossed below the prior day’s low. Additional weigh of evidence of bearish momentum indicated by the 20MA crossing below the 200MA on multiple lower time frames.
Heading into the opening bell, price action retracing in a flag pattern in precrossed back above the 20MA out of a flag pattern.
Pre-market Economic news and reports…
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Once price action closed below the opening bell and crossed below the pre-market swing pivot low, we took an aggressive SHORT with a minimal position size based on the weight of evidence indicating bearish momentum. Once price action went in our favor, we moved the stop to break even, and using a trailing stop, we closed the trade with 2.0+ points profit.
Duration: 5+ minutes
For ultra-aggressive traders, during the first-hour session, there were maybe 3 aggressive entries that could lead to quick small profits.
For traders focused on higher quality trading, there were 2 good candlestick or chart pattern setups for quick profits.
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