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.
Two days ago, price action was finishing the momentum in a mini market cycle phase 4 with lower highs and lower lows.
As expected, overnight price action consolidated sideways after forming W-pattern (i.e., Double bottom).
Pre-Market Price action starting to build some momentum with price action crossing above the prior days highs.
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With price action rolling over after the opening bell, we took a marker lot position SHORT, and watched it move quickly towards our target. Price action went in our favor and we took 2+ points profit.