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 for the ES Emini Futures continued to move higher after the strong retracement and rally during normal market hours. Price action continued to form multiple flag patterns and a series of higher highs and higher lows while predominately staying above the 20MA and opening bell from yesterday. Price action crossed above the prior day’s high in after hours and started to retrace in pre-market heading into the opening bell.
Note: 20 Sessions can be scheduled over multiple weeks or months.
Immediately after the opening bell, price action consolidated with overlapping candlestick patterns and no follow thru. Decided to sit on hands and PROTECT profits for the week.
For ultra-aggressive traders, there were NO aggressive entries for very quick profits.
For traders focused on higher quality trading, with price action very choppy and consolidating, there were NO quality candlestick setups for quick profits.
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