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 to remain inside the prior day’s range and in the upper 1/2 while retesting the prior day’s high area and finding minor resistance.
From a birds-eye view, price action showed consistent series of complete market cycles with the most recent having higher highs and higher lows over multiple days.
The majority of the pre-market Economic news and reports already released and markets seem to not be responding to it any form of significant movement, so we will be cautious.
Pre-market price action on the 5-minute charts rolling over after the overnight price action and trying to build some momentum heading into the opening bell.
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With price action consolidating around the opening bell, waited for confirmation on the 1-minute chart of price action forming multiple higher lows above the opening bell. Took LONG trade and watched as price action moved slowly in our favor and took 2+ points profit.
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Price action crossed above the prior day’s high and formed a flag pattern with a higher low and retest. Took an aggressive LONG entry. 1-minute chart started showing very little movement so we micro-managed the trade with a tight trailing stop and took 1+ point profit.
Continued to trade with the market cycle phase 2 trend and all the weight-of-evidence. Took another flag pattern setup LONG and used a “breakeven stop” since we already broke above the prior day’s high, above the opening bell and price action forming higher highs and higher lows on 1-minute chart. Took 2+ points profit.