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.
In pre-market yesterday, the economic news sent the futures in a tail spin downward in just a few minutes. Once price action found minor support, it began slowly climbing back upwards and eventually continued to retrace off the lows over 100%. With price action back near where it started before the economic news, price action crossed above the prior day’s high and continued the previous uptrend in after hours and pre-market heading into the opening bell. The 20MA continues to converge upwards and away from the 200MA.
Volatility continues to be extremely high with excessive intraday ranges.
Pre-market Economic news and reports…
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Price action consolidated around the 20MA and remained below the opening bell all morning while the majority of the weight of evidence continued to point in the direction of bullish momentum. We decided to sit on hands and protect profits and trading capital.
For ultra-aggressive traders, during the first-hour session, there were no aggressive entries that could lead to quick small profits.
For traders focused on higher quality trading, there were no good candlestick or chart pattern setups for quick profits.
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