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.
Price action continued yesterday in the multiple day mini market cycle phase 4 downtrend with strong momentum until the late day session. Momentum found minor support during the late day session and retraced off the intraday lows and crossed above the 20MA. Overnight price action continued to consolidate around the 20MA as it converged back towards the anticipated descending trendline and the 200MA heading into the pre-market and opening bell.
Pre-market Economic news and reports…
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After the opening bell, price action consolidated sideways with an excessive amount of overlapping candlestick bars. We patiently waited for the overall market to continue the pre-market mini market cycle phase 4 downtrend after the morning reversal. We took multiple ultra-aggressive SHORT entries based on a flag pattern breakdown. Price action slowly moved lower and we captured 1.0+ point profit in each trade.
Mini Market Cycles Analysis: