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.
Overnight price action initially consolidated near the prior day’s lows before finding momentum and rallying upwards with higher highs and higher lows to retest the prior upper boundary of the phase 3 in the mini market cycle.
From a birds-eye view, price action yesterday look to be transitioning to a phase 4 with lower highs and lower lows, however price action found minor support in after-hours and failed to continue lower…several swing pivot highs have been broken so price action is now back in the phase 3 area.
Pre-market Economic news very minimal for a second day and anticipating more news releases later part of the week to potentially impact markets direction.
Yesterday, price action broke below the phase 3 neckline in the mini market cycle and had no follow-thru, so we need to be cautious of markets until more evidence of direction is presented.
Pre-market price action already above the prior day’s high and forming a flag pattern heading into the opening bell and near upper resistance area from a couple days ago on the 15-minute chart.
|Sorry, you do not have access to this content.|
Price action initially moved in our favor, but we did not get filled for our target 2 points..and had to wait for a few more minutes and price action immediately sold off and we closed the trade since there is no follow thru and an upper boundary of resistance before getting stopped out…stopped out at breakeven, however trading gods gifted me with 0.25 points profit.
Note: Should have taken at least 1 point profit!
Review all of our trades in the Quick Hits For Fast Profits Summary table…
Upper boundary of resistance continues to hold for 4+ minutes…took 0.75 points profit.