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 from the weekend showed some weakness opening below the prior day’s lows and then consolidating at new lows.
From a birds-eye view, price action started to transition to a mini market cycle phase 4 with lower highs and lower lows on the hourly chart while still being above the prior multiple day range-bound area. Watch to see if the upper boundary provides major/minor support.
Just a few pre-market Economic news and reports to be released, so should not have too much impact on how the markets respond to it in pre-market and the morning session.
We will watch the markets for more evidence of healthy retracements (i.e., flag patterns) in the mini market cycle phase 4 with downside momentum.
Pre-market price action consolidated near new lows with lower highs and lower lows on the 5-minute chart.
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Took a SHORT position once price action showed evidence of closing below the opening bell and gave us confirmation from the 1-minute chart. Price action slowly moved in our favor with multiple swing pivot lows broken…we closed the trade with 2.0 points profit. Manage the trade more carefully for more profits!
Review all of our trades in the Quick Hits For Fast Profits Summary table…