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 changed momentum after the intraday highs and formed a Phase 3 M Pattern (i.e., Double Top), Price action began breaking down below the neckline and continued with a series of lower highs and lower lows in market cycle phase 4 with multiple flag patterns. Pre-market price action continued the momentum to the downside heading into the opening bell. Took aggressive SHORT in pre-market based on flag pattern retest. Closed trade and took 1.5+ points profit.
Duration: 10+ minutes
Once we had confirmation of price action building momentum to the downside below the opening bell and our 20 MA < 200M, we took an initial position SHORT based on flag pattern retest and moved our stop to breakeven for a “free trade”. Took 2.0+ points profit.
Markets continued to show weakness and we took another SHORT entry again based on Flag pattern retest, and with immediate follow thru from price action, we scaled-in and added to existing SHORT position. We micro-managed the trade using a 1-minute chart and trailing stops. Took 7.0+ points profit from both positions.
Markets continue to show weakness with price action below the prior day’s lows, below the opening bell and 20 MA < 200 MA. we took another SHORT based on flag pattern break down, and just decided to hold the position and once it finally went in our favor, we closed the trade with 5.0+ points profit.
Price action consolidating in the doldrums inside a flag pattern and eventually closed back below the 20 MA (ES 5 Minute Complete Strategy setup). Took another SHORT using 5-minute charts and moved the stop to breakeven. Used a very slow trailing stop and took 9.0+ points profit.
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