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 continued to retrace off the intraday highs with lower highs and lower lows and moved near the “hotzone” of the prior day.
From a birds-eye view, price action showed consistent series of complete market cycles with the most recent having higher highs and higher lows over multiple days.
Pre-market Economic news and reports will be released today, so we will be cautious.
Pre-market price action on the 5-minute charts found minor support and building momentum heading into the opening bell.
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With price action consolidating around the opening bell, waited for confirmation on the 1-minute chart of price action retracing and closing back above 20MA on 1 & 5-minute charts. Took LONG trade and watched as price action moved slowly in our favor and took 2+ points profit.
Review all of our trades in the Quick Hits For Fast Profits Summary table…