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 showed very good momentum and continued to rally above the prior day’s highs and found upper boundary of resistance while forming an M pattern. Then we see price action breakdown below the neckline and start forming lower highs and lower lows heading into the opening bell.
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Took a probe SHORT using a combination of Fibonacci analysis and price below the opening bell and we took 2+ points profit.