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 showed very good momentum and continued to rally above the prior day’s highs and found upper boundary of resistance from the daily charts. Then we see price action consolidate and breakdown and start forming lower highs and lower lows heading into the opening bell.
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Took a LONG position once price action showed evidence of an uptrend on the 1-minute charts and we took 2+ points profit.