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 continued from the two-day rally and momentum to the upside with higher highs and higher lows. Price action continued to move away from the upper boundary of the multiple day range-bound area.
From a birds-eye view, price action finally broke above the upper boundary of the multiple day range and started trending with a mini market cycle phase 2 and higher highs and higher lows.
Several pre-market Economic news and reports to be released that we carefully want to watch how the markets respond to in pre-market and the morning session.
We will watch the markets for more evidence of health retracements and upside momentum with caution until we see more evidence of swing pivots being tested.
Pre-market price action starting to retrace off the overnight highs and showing small flag patterns with lower highs and lower lows on the 5-minute chart.
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Took a position LONG once price action showed evidence of closing above the opening bell and the prior days high. Price action stalled with very little momentum higher…we closed the trade at breakeven with 0 point profit.
Review all of our trades in the Quick Hits For Fast Profits Summary table…