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 consolidated below the prior day’s range and found minor support after the strong downtrend momentum from the last two days. Notice the mini market cycle phase 4 with lower highs and lower lows based on flag patterns and swing pivots.
From a birds-eye view, price action has found an upper boundary over the last few days and has retraced back to a prior area of support that previously was upper resistance.
Pre-market Economic news and reports very light today and should have minimal impact on the markets, but trade with caution since price action is in the all-time highs area.
Pre-market price action on the 5-minute charts is showing price action bounced off the overnight lows and crossed back above the prior day’s low before consolidating, finding minor resistance and rolling over back below the prior day’s lows.
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We took an aggressive entry SHORT and with slow momentum moving in our favor, we tighten our stops and took 2.0+ points profit.
Review all of our trades in the Quick Hits For Fast Profits Summary table…
Price action consolidated above the opening bell and found upper boundary of resistance. Once price action closed below the opening bell, we took another aggressive SHORT. Using tight stops, we took 0.75+ point profits.