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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Pre-market Economic news and reports…
Overnight price action continued to show strength from the mini market cycle phase 2 and remained in the upper 1/3rd of the prior day’s range. Pre-market conditions showing price action slowly staying above the 20 MA. Price action consolidated overnight in a flag pattern and watching the 1-minute charts did a retest of the upper boundary of the flag pattern. With all of the weight of evidence continuing to point towards upward momentum, we took a LONG position. We used a conservative trailing stop since price action is above the prior day’s highs, above the 20 MA and continued to be in phase 2 with higher highs and higher lows. The pullback stopped us out with a 1.5+ point profit.
Duration: 16+ minutes
Price action momentum reversed off the intraday lows and touched the opening bell. We took a LONG on the 1-minute chart and tighten our initial stop after no follow thru. Closed trade with a small 0.75 loss.
Price action continues to show intra-day weakness remaining below the opening bell. After retracing off of the intraday lows, price slowly moved back below the 20 MA < 200 MA. Took minimum position SHORT using 1-minute charts, and moved stop to break even for a “free trade”. Closed trade with 1.0+ point profit.
Price action showing mini market cycle phase 4 with lower highs and lower lows, below the 20 MA < 200 MA and below the opening bell. Took another aggressive SHORT and moved stop to breakeven. Markets stalling and we closed trade with another 1.0+ point profit.
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