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.
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Overnight price action continued to consolidate in the upper 1/3rd of the previous mini market cycle phase 2 over multiple days.
Price action remained inside the prior day’s range and found minor support during after hours near the 38% fib level. With price action descending in the multiple day flag pattern, we also so multiple mini market cycles on the 1 and 5-minute charts.
Our 20MA continues to be slightly above the 200MA after crossing below and back above heading into pre-market and the opening bell.
Pre-market Economic news and reports…
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After the opening bell, price action consolidated around the opening bell before methodically move slowly higher and hitting up against the upper boundary of resistance. After a healthy retracement, price action had a second attempt to retest the intraday highs and upper boundary of resistance before failing.
We did identify a couple ultra-aggressive setups for quick hits and profits. With all the congestion, we decided to sit on hands, and PROTECT our profits for the week.
For ultra-aggressive traders, during the first-hour session, there were maybe 2 aggressive entries that could lead to quick small profits.
For traders focused on higher quality trading, there were 1 good candlestick or chart pattern setups for quick profits.
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