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.
The Easiest Way To prepare for Scalp Trading the ES E-Mini Futures.
Price action retraced yesterday during normal trading hours with a huge bully rally and crossed above several prior swing pivot highs. After-hours momentum stalled and formed an M-pattern after the 2x top from price action attempting multiple times to crossed above the prior day’s high area. Overnight momentum continued lower and retraced back towards the middle of the prior day’s range with a small flag pattern near the 20MA. The 20MA crossed above the 200MA and continued to converge heading into the pre-market and opening bell.
Pre-market Economic news and reports…
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After the opening bell, price action continued the pre-market mini market cycle phase 2 uptrend on the 1-minute charts. After price action formed a higher low from the triangle pattern, we patiently waited for confirmation of a higher low and new intraday highs and we took an ultra-aggressive LONG entry based on new intraday highs. Price action slowly moved higher and we captured 2.0+ point profit.
Mini Market Cycles Analysis: