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 consolidated inside the prior day’s range slightly above the opening bell and inside the “hotzone” (i.e., 38%-62% fib area).

From a birds-eye view, price action is consolidating in a triangle pattern on the hourly chart after several days of momentum to the upside. Price action has found an upper boundary over the last few days and has retraced back to a prior area of support that previously was upper resistance.

Pre-market Economic news and reports very light today and should have minimal impact on the markets, but trade with caution since price action is in the all-time highs area.

Pre-market price action on the 5-minute charts is consolidating inside the prior day’s range near the prior day’s opening bell and in the “hotzone”. However, we see slight downward momentum with lower highs and lower lows heading into the opening bell.

So we watched our ES 5 Minute Complete rules and Market Cycle Analysis conditions for more evidence of setups from Candlestick analysis, chart formations and patterns and price action.

Explanation:

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With price action inside the prior day’s range, we waited for confirmation on the 1-minute chart of markets remaining below the opening bell.

We took an aggressive entry SHORT and with no follow thru we closed the trade at breakeven. 

Review all of our trades in the Quick Hits For Fast Profits Summary table…

Extra Trades: 

ES 5 Minute Complete strategy gave us an aggressive 1-minute SHORT. With NO follow thru, we closed the trade with a 1 point loss.

With price action consolidating all day in the lower 1/3rd of the prior day’s range we took an aggressive setup SHORT right before we crossed below the prior day’s low. Price action immediately went in our favor and we took 2+ points profit.

Note: You will have access to the commentary details if you register for our 2017 Scalp Trading MasterClass training program, or our ES LIVE Trading room. or Quick Hits For Fast Profits program.5-Next