pThis 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.
Overnight price action continued to move lower with a series of lower highs and lower lows in a mini market cycle phase 4 as price action crossed below the intraday lows. With the 20MA converging lower and below the 200MA, the markets are showing a continuation of the bearish momentum from the intraday.
We notice price action returned to the multiple day consolidating range and moving lower heading into the pre-market and opening bell.
Pre-market Economic news and reports…
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With the pre-market price action continued to be in a mini market cycle phase 4, we took a flag pattern breakdown and 3-bar reversal SHORT. As price action moved in our favor, me the stop to breakeven and then took 3.0+ points profit.
Duration: 15+ minutes
For ultra-aggressive traders, during the first-hour session, there were 2+ aggressive entries that could lead to quick small profits.
For traders focused on higher quality trading, there were 2 good candlestick or chart pattern setups for quick profits.
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