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 for the ES Emini Futures found an upper boundary of resistance yesterday after forming an M-pattern (i.e., Double Top). Price action slowly started moving lower with a series of flag patterns and lower highs and lower lows. Price action crossed below the prior day’s low with several wide-ranged bearish bars as it continued to brek down below multiple prior day’s lows and eventually finding some minor support with a double bottom.
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Immediately after the opening bell, price action moved slightly higher and present a LONG setup with quick profits of 1.0+ points profit before finding minor resistance on the 1-minute charts.
After price action reversed and rolled over and crossed below the opening bell, we adjusted our analysis and started to focus on the weight of evidence for SHORT setups. With price action forming lower highs and lower lows on the 1-minute charts and a series of flag patterns, ULTRA-Aggressive traders had several SHORT setups. Using tight stops, with the 20MA, small quick incremental profits between 0.5 points and 1.0+ point were available and we accumulated a total of 2.0+ points profit.
For ultra-aggressive traders, there were several aggressive entries for very quick profits.
For traders focused on higher quality trading, with price action reversing and crossing below the opening bell, there was at least 1 quality 3-bar candlestick reversal setup for quick profits.
Duration: 5+ minutes
With the confirmation of the 2X bottom and price action moving higher with multiple flag patterns, above the opening bell, we took a 15-minute chart 2-bar reversal pattern LONG. We slowly moved our stop to break even and using a trailing stop, we took 2.0+ points profit.
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