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 little movement while oscillating around the prior day’s opening bell. Notice however that price action maintained in the upper 1/3rd of the prior rally.
From a birds-eye view, price action started to stall after a two-day rally and breakout of the prior multiple day range bound area.
Several pre-market Economic news and reports to be released that we carefully want to watch how the markets respond to in pre-market and the morning session.
We will watch the markets for more evidence of health retracements and upside momentum with caution until we see more evidence of swing pivots being tested.
Pre-market price action consolidated in the very tight range from yesterday with no direction on the 5-minute chart.
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Took a SHORT position once price action showed evidence of closing below the opening bell and formed lower highs and lower lows. Price action slowly moved in our favor with multiple swing pivot lows broken…we closed the trade with 2.5 points profit.
Review all of our trades in the Quick Hits For Fast Profits Summary table…