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.
Price action consolidated during the first hour yesterday before breakout in a strong uptrend Market Cycle phase 2 with higher highs and higher lows while breaking above the prior day’s high. The 20MA continued to converge upwards away from the ascending 200MA. Overnight price action continued to remain in the upper 1/3rd of the prior day’s range and retested crossing above the prior day’s high heading into pre-market and the opening bell.
Pre-market Economic news and reports…
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Price action consolidated as it moved lower with lower highs and lower lows on the 1-minute charts. We patiently waited for price action to find some minor support at intraday lows and confirmation of a higher swing pivot low. Once price action formed a multiple bar reversal pattern, we took an aggressive LONG setup. Price action moved in our favor, and we moved our initial stop to breakeven and using a trailing stop, we captured 2.0+ points profit.
Duration: 5+ 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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