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…
Overnight price action rallied above the prior intraday highs and continued to remain above it heading into the pre-market and opening bell. However, the last 3 trading days, we continue to see an upper boundary of resistance constraining price action. Pre-Market price action oscillating above the prior day’s high. The weight of evidence slightly shifting as the 20 MA is above the 200 MA on our 5-minute charts. Starting to see some follow thru for the mini market cycle phase 2 with higher highs and higher lows.
For ultra-aggressive traders, the primary opportunities this morning required using stop-limit orders at intraday highs (i.e., get picked up as momentum moves higher), and you would have generated some easy profits. For traders focused on higher quality trading, we waited patiently for a flag pattern break our & retest and went LONG. Once price action started moving in our favor, we moved the stop to breakeven and then took 2.0+ points profit.
Duration: 7+ minutes
With strong intraday momentum and higher highs and higher lows, we took another LONG entry. Once price action went in our favor, we moved the stop to break even and took 2.0+ points profit.
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