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 found minor support near the prior day’s low and consolidated with higher swing pivots after the mini market cycle phase 1 formed a couple day’s ago.

From a birds-eye view, price action attempted multiple times to break down below the major support area and retrace back into the multiple day range bound area.

Pre-market Economic news already providing good momentum as price action is breaking out above the prior day’s highs. Careful with more scheduled new in morning session may cause volatility to increase.

Yesterday, price action provided a non-trending day with lots of overlapping bars and no clear direction as price action stayed above the opening bell major of the day.

Pre-market price action rallying and breaking above prior day’s highs after several flag patterns on the 5-minute chart.

So we watched our ES 5 Minute Complete rules and Market Cycle Analysis conditions for more evidence of setups from Candlestick analysis, chart formations and patterns and price action.

Explanation:

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Took Market Cycle Strategy setup SHORT once price action showed confirmation of the reversal pattern (i.e,) on the 1-minute chart and closed below the opening bell on the 1-minute chart.  Price action slowly moved in our favor after consolidating and with

Price action immediately moved in our favor…we closed the first trade with 2.00 points profit. 

Review all of our trades in the Quick Hits For Fast Profits Summary table…

Extra Trades: None needed.

 

Note: You will have access to the commentary details if you register for our 2017 Scalp Trading MasterClass training program, or our ES LIVE Trading room. or Quick Hits For Fast Profits program.

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