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 continued the bounce off yesterday’s lows and consolidated inside the middle of the prior day’s range while showing slightly higher highs and higher lows.
From a birds-eye view, price action continued the mini market cycle phase 4 with lower highs and lower lows on the hourly chart and remained above the prior multiple day range-bound area.
Pre-market Economic news and earnings reports starting to pick up as more are released, so we should be cautious of the major stock players impacting the broad markets based on earnings hits/misses.
Yesterday, we had several nice intraday healthy retracements (i.e., flag patterns) in the mini market cycle phase 4 with downside momentum.
Pre-market price action forming a nice triangle (i.e., flag pattern) inside the prior day’s range on the 5-minute chart.
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Took a SHORT position once price action moved above the opening bell and showed a reversal with evidence of moving lower on 1-minute chart. Price action slowly moved in our favor with multiple swing pivot lows broken…we closed the trade with 4.0 points profit. Manage the trade more carefully for more profits!
Review all of our trades in the Quick Hits For Fast Profits Summary table…