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 was showing evidence of lower highs and lower lows while continuing from the normal trading day.
Pre-Market Price action starting to retrace off the lows and build some momentum with price action crossing back above the prior day’s lows.
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With price action rolling over immediately after the opening bell, momentum sprints above the opening bell (i.e, trapping traders from open) we took a marker lot position LONG and watched it move quickly towards our target. Price action went in our favor and we took 2+ points profit.