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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Pre-market Economic news and reports…
Using our hourly chart we see that price action is consolidating inside an extended range with the upper boundary of resistance and lower boundary of resistance. Price action is very choppy with lots of noise on multiple time frames
Overnight price action consolidated in the prior days range near upper 1/3rd and near the prior day’s highs. Our pre-market analysis continues to indicate a strong uptrend on hourly and 15-minute charts. With price action opening and moving below the opening bell, we probed with a minimum position size and took a SHORT using a stop-limit order at intra-day lows. With no follow thru on the 1-minute charts, we closed the trade with a 1 point loss.
Duration: 2+ minutes
With price action below the opening bell and a lower swing pivot high, we took an aggressive SHORT based on a 3-bar reversal and with price action immediately going in our favor, we moved the stop to break even for a “free trade”. We micro-managed the trade on the 1-minute charts and took 2.0+ point profits.
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