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.
The Easiest Way To prepare for Scalp Trading the ES E-Mini Futures.
Price action continues to consolidate in a multiple day range with an upper boundary of resistance and the 2-day lower boundary of minor support. The 20MA continues to converge downwards below the 200MA as the markets try to find some direction. Yesterday price action formed a complete mini market cycle as overnight price action retested the previous 2-X bottom area.
Pre-market Economic news and reports…
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Pre-market price action indicated slight bullish momentum from the mini market cycle phase 2 uptrend and bounce off the overnight lows. Once price action reversed and closed with an ultra-aggressive flag pattern breakout, we patiently waited for more weight-of-evidence and confirmation of a higher low. We took an aggressive entry LONG based on the flag pattern breakout and price action went in our favor and we captured 1.0+ points profit.
Mini Market Cycles Analysis: