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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With the higher time frames showing upper boundary of resistance, we watched the morning session provide lots of consolidation and overlapping price action. After the opening bell, momentum was weak to the upside with declining volume. Price action rolled over and crossed below the opening bell and we took a SHORT. Price action immediately went in our favor and we moved our stop to breakeven for a “free trade”. We didn’t take the initial 2.0+ profit trying to stay in the trade longer for a bigger move down. Closed the trade at breakeven because of the retracement.
Duration: 3+ minutes
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