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.
The Easiest Way To prepare for Scalp Trading the ES E-Mini Futures.
Price action continued to show strong momentum with follow thru of the mini Market Cycle phase 2 uptrend with multiple days of higher highs and higher lows. Overnight price action retested the prior upper boundary of resistance and remained in the upper 1/3rd of the prior day’s trading range. The 20MA started to converge upwards away from the 200MA.
Pre-market Economic news and reports…
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Price action consolidated in a flag pattern during the pre-market and heading into the opening bell. After the opening bell, price action continued to remain above the prior day’s high and formed another flag pattern and we took an aggressive LONG entry based on a breakout. With no follow thru and minor resistance above, we closed the trade with a small loss of 1.5+ points.
Duration: 5+ minutes
For ultra-aggressive traders, during the first-hour session, there were several aggressive entries that could lead to quick small profits.
For traders focused on higher quality trading, there were no good candlestick or chart pattern setups for quick profits.
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