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 found minor support with a w-pattern and crossed back above the prior day’s low area and crossed above the 20MA to start retracing back upwards from the previous mini market cycle phase 4.
Once price action closed above the 20MA, several previous swing pivot highs were crossed and price action continued back into the middle of the prior day’s range, we reviewed the Fibonacci retracement for the additional weight of evidence on the strength of the bonce.
Heading into the pre-market and the opening bell, price action rallied off the overnight lows and back inside the prior day’s range heading into the opening bell.
Pre-market Economic news and reports…
Note: 20 Sessions can be scheduled over multiple weeks or months.
After the opening bell, price action consolidated on the 1-minute chart with very little momentum. The weight of evidence from pre-market and overnight strongly indicated we were in a mini market cycle phase 2. With price action in the upper 1/2 of the prior day’s range, we patiently waited for a 3-bar candlestick reversal pattern and took we took an aggressive LONG and as price slowly went in our favor, we moved our stop to break even and then took 5.0+ points profit.
For ultra-aggressive traders, during the first-hour session, there was only 1 or 2 aggressive entries that could lead to quick small profits.
For traders focused on higher quality trading, there were no good candlestick or chart pattern setups for quick profits.
Duration: 15+ minutes
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