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 consolidated near the prior day’s high area and found upper boundary of minor resistance.
With price action over multiple days continuing to have higher openings, higher highs and higher lows while being in a strong market cycle phase 2 uptrend, we continue to watch for any evidence of weakness and using the market cycle analysis, and eventually transitioning to phase 3 and then phase 4.
Pre-market price action slowly moving downward with overlapping candlestick bars 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, crossed the opening bell and after a W-pattern and we took 2+ points profit.