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.

The Easiest Way To prepare for Scalp Trading the ES E-Mini Futures.

Pre-Market Analysis:

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Economic News:

Pre-market Economic news and reports…

 

Explanation:

So we watched our ES 5 Minute Complete rules and Market Cycle Analysis conditions for evidence of setups from Candlestick analysis, chart formations and patterns and price action.

Overnight price action broke down below the multiple day consolidation range. Price action then found minor support and consolidated heading into pre-market and the opening bell. From the birds-eye view on the hourly charts, price action is starting to build weight-of-evidence of lower highs and lower lows. Overnight and pre-market price action already shown a mini market cycle phase 2 with multiple flag patterns. After the opening bell, price action slightly moved up and began consolidating with lots of overlapping bars and no clear direction and an upper boundary of resistance very close. Decided to sit on hands.

 

For ultra-aggressive traders, there were very few opportunities except for using stop-limit orders at intra-day highs to get picked up immediately after the first two or three 1-minute bars for quick profits.

For traders focused on higher quality trading, with price action beaking down in overnight, and retracing in pre-market, we had a mini market cycle phase 2 already after the opening bell, with multiple flag patterns. No quality setups, so should have been patient and sit on hands.

Duration: none

Extra Trades:

Took a LONG setup based on flag pattern break out, and with all the weight of evidence continuing to support the momentum upwards, we used a minimum position size. We immediately moved out stop to break even and took 2.0+ points profit.

Price action continues to be strong with momentum slowly moving higher. Took flag pattern break out and immediately moved stop to break even. Took 2.0+ points profit.

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