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 show strength with the mini market cycle phase 2 continuing to show higher highs and higher lows. Price action slowly continued to grind thru the upper boundary of resistance and stay above the 20 MA. Using 15-minute charts, took a LONG with a minimum position size and managed the trade carefully. Moved the stop to break even for a “free trade” and moved the target several times. Decide to take 3.0 points profit.
Duration: 15+ minutes
Price action finally broke the last level of upper boundary resistance and we used a stop-limit order to go LONG on the 15-minute chart with multiple contracts since we have all the weight-of-evidence support the strong market cycle phase 2. Once price action went in our favor, we moved the stop to break even. With price action at all-time highs, we used a conservative trailing stop. Scaled out of partial position with 4.0+ points profit and held the remaining position with trailing stop and locked in some profits.
Micro-managing the trade on the 1-minute chart, price action closed below the 20 MA and decided to close trade and take 3.75+ points profit.
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