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 consolidated in a very tight range and retraced to the hotzone.
With price action being in a strong multiple day market cycle phase 2 uptrend, we start to watch for evidence of weakness and using the market cycle analysis, transition to phase 3 and then phase 4.
Pre-market price action slow moving lower bar by bar heading into the opening bell.
So we watched our ES 5 Minute Complete rules and Market Cycle Analysis conditions for more evidence of setups from Candlestick analysis, chart formations and patterns and price action.
Explanation:
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Took a LONG position once price action showed evidence of an uptrend on the 1-minute charts and we took 2+ points profit.
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