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 retraced after finding an upper boundary of resistance as we had price action rallied with higher highs and higher lows with multiple flag patterns.
From a birds-eye view, price action showed a nice breakout yesterday with a higher low and tested the prior phase 3 resistance areas.
Pre-market Economic news and reports mostly focused on commodities-related activities, so we will be cautious.
Pre-market price action on the 5-minute charts rolling over and retracing inside the prior day’s range and in the upper 1/3rd of the prior day’s range.
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With price action moving below the opening bell, waited for confirmation on the 5-minute chart of price action closing above the opening bell. Took LONG trade and watched as price action moved slowly in our favor and took 2+ points profit.
Review all of our trades in the Quick Hits For Fast Profits Summary table…
With price action above the opening bell and a flag pattern with higher low above the opening bell and a breakout-rest of the flag pattern, took a LONG trade. Price action immediately went in our favor and we took 2+ points profit. Could have micro-managed the trade for more profits.