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.
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Overnight price action for the ES Emini Futures retraced from the Friday’s intraday highs back towards the “hot zone” in the middle or the prior day’s range while consolidating around the 20MA heading into the pre-market and opening bell.
Note: 20 Sessions can be scheduled over multiple weeks or months.
After the opening bell, price action consolidated around the opening bell and then moved higher while in a very tight intraday range. No favorable weight of evidence during the first hour and we decided to sit on hands during the morning session.
For ultra-aggressive traders, there were no aggressive entries for very quick profits.
For traders focused on higher quality trading, there were no quality setups on the 5-minute/15-minute charts or candlestick reversal patterns with price action moving for quick profits.
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