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.
Momentum continued to have a 2X top and upper boundary of resistance from the previous couple of days. Overnight price action continued the methodical move downward in a mini market cycle phase 4 with lower highs and lower lows. Price action oscillated around the descending 20MA as it continued to converge lower below the 200MA. Pre-market price action found some minor support near the 38% Fibonacci level heading into the opening bell.
Pre-market Economic news and reports…
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After the opening bell, price action slowly moved higher from the pre-market mini market cycle phase 2. We waited for confirmation of a higher low and aggressively took a LONG entry. Momentum continued in the uptrend and we micro-managed the trade and captured 2.0+ points profit.
Mini Market Cycles Analysis: