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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Overnight price action provided mini market cycle phase 3 evidence with an upper boundary of resistance. We waited for confirmation of a lower high after the flag pattern breakdown and retest. Took SHORT trade and once price action moved in our favor, we moved the stop to breakeven for a “free trade”. Took 2.0+ points profit.
Duration: 3+ minutes
Once we identified the mini market cycle phase 4, we waited for the flag patterns, and we took another SHORT. Had to patiently wait for price action to go in our favor, tighten our initial stop, and then we moved it to breakeven. Took 2.0+ points profit.
After seeing the consolidation on the 1-minute charts, we moved to the 5-minute charts and took another SHORT. We moved the stop to breakeven and then micro-managed the trade on the 1-minute charts. Took 4.0+ points profit.
Continued to hold on to a minimum position (i.e., with stop at breakeven) as price action remained in a mini market cycle phase 4.
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