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 continued to move the upwards momentum in the mini market cycle phase 2 with higher highs and higher lows. Price action remained above the 20MA as it continued to converge away from the 200MA and price action crossed above the prior day’s high and continued to consolidate sideways heading into the pre-market and opening bell.
We now can observe if price action will break through the upper boundary of resistance established over the last few weeks.
Heading into the opening bell, price action retraced slightly below the 20MA back towards the prior day’s high.
Pre-market Economic news and reports…
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After the opening bell, price action methodically moved higher continuing the mini market cycle phase 2 from yesterday. Ultra-aggressive trading required using stop limit orders at intraday highs to participate in the momentum moves.
With multiple flag patterns and price action predominately staying above the 20MA, markets continued to retest intraday highs and the all-time highs during the first hour of trading. Waited patiently for quality setups and decided to sit on hands this morning.
For ultra-aggressive traders, during the first-hour session, there were several aggressive entries that could lead to quick small profits.
For traders focused on higher quality trading, there were at least 1 good candlestick or chart pattern setups for quick profits.
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