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 consolidated below the prior day’s range and found minor support after the strong momentum in a market cycle phase 4 with lower highs and lower lows based on flag patterns and swing pivots.
From a birds-eye view, price action has formed a nice healthy retracement from the strong market cycle phase 2 from February 2017.
Pre-market Economic news and reports continuing to not have much impact on the markets, but trade with caution since price action is in the all-time highs area.
Pre-market price action on the 5-minute charts is showing price action trying to build some momentum after breaking above a prior swing pivot high heading into the opening bell.
|Sorry, you do not have access to this content.|
We took an aggressive entry SHORT and with slow momentum moving in our favor, we tighten our stops and took 2.0+ points profit.
Review all of our trades in the Quick Hits For Fast Profits Summary table…