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 near the intraday lows and continues to be in a multiple day range-bound area.

From a birds-eye view, price action continues to be range-bound for 12+ consecutive days with very aggressive mini market cycles. Friday’s price action remained in a very tight range smaller than the multiple day range-bound area and in the lower 1/3rd of the multiple day range-bound area.

Minor Economic news in pre-market not expected to significantly moved price action.

We will watch the markets with caution until we see more evidence of swing pivots being tested.

Pre-market price action very choppy with lots of overlapping bars and the 5-minute chart is consolidating with no direction as of yet.

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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Took a position LONG once price action showed evidence of a flag pattern retest and crossing multiple swing pivots.  Price action continued with strong momentum higher…we took 2.0 point profit.

Review all of our trades in the Quick Hits For Fast Profits Summary table…

 

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.

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