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 and momentum dropped due to economic, political and social events from yesterday.
Pre-Market Price action slowly retraced majority of the losses and started to find upper resistance heading into the opening bell.
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With price action rallying off the lows of overnight, we see the mini market cycle phase 2 with higher highs and higher lows on the 1-minute charts. We get a 3 bar candlestick setup LONG and after managing it at the opening bell, we closed the trade with 10+ points profit.