pThis 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.
Overnight price action retraced off the intraday high from Friday and the all-time highs in a flag pattern with lower highs and lower lows. While descending lower and around the 20MA, price action still remains in the upper 1/3rd of the previous mini market cycle phase 2 move. In the late morning session on Friday, price action broke out of the multiple day consolidation range, with a tremendous upward move to end last week.
Heading into the opening bell price action is in a flag pattern retracing lower heading into the pre-market and opening bell.
Pre-market Economic news and reports…
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After the opening bell, price action consolidated during the first hour with very little direction as the majority of the evidence continued to lean in the direction of bullish. With all the weight of evidence continuing to point in the direction of bullish, we had to be patient and wait for more favorable trading conditions, so we sat on our hands this morning and protected our capital for the beginning of the week.
For ultra-aggressive traders, during the first-hour session, there were 2+ aggressive entries that could lead to quick small profits.
For traders focused on higher quality trading, there were no good candlestick or chart pattern setups for quick profits.
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