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 consolidated around the prior days low area after price action transition quickly to a mini market cycle phase 4 yesterday with lower highs and lower lows and multiple flag patterns.
From a birds-eye view, price action moved lower yesterday in the mini market cycle phase 4 and gave a preliminary W-pattern which begin consolidating into a sideways price action range with choppy swing pivots.
Pre-market Economic news and earnings reports providing early continuation of weakness from yesterday.
Yesterday, price action immediately reversed (i.e, failed breakout) and showed a very nice mini market cycle phase 4 with multiple flag patterns to the downside.
Pre-market price action inside of a flag pattern heading into the opening bell on the 5-minute chart.
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Took ES 5 Minute Complete Strategy LONG position once price action showed confirmation of the reversal pattern on the 5-minute chart and closed at the opening bell on the 1-minute chart. Price action slowly moved in our favor after consolidating and with lots of overlapping bars and no follow thru…we closed the first trade with 0.50 points profit. Took second trade and immediate had follow thru and hit 2.0 points profit.
Took second trade LONG and immediate had follow thru and hit 2.0 points profit. (see extra trades)
Review all of our trades in the Quick Hits For Fast Profits Summary table…