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.

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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With price action right near the prior day’s low and in the lower 1/3rd of the prior day”s range we were very cautious of any trade setups and used a marker lot (minimum position size).

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…

Extra Trades: 

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.5-Next