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 after intraday price action probed higher.  Price action is finding an upper boundary of resistance with multiple tops over the last couple days.

From a birds-eye view, the last few days price action has been range bound with an upper boundary of resistance.

Notice price action remains in the upper half of the multiple day range.

Several Pre-market Economic news and reports schedule for today and Wednesday that can impact the markets, so be cautious with trades and stop management.

Pre-market price action on the 5-minute charts has retraced to the hotzone of the intraday price action with lower highs and lower lows. With momentum showing weakness and a small flag pattern forming heading into the opening bell, we will be cautious as the upper boundary of resistance continues to hold.

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 decided to sit-on-hands today.

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

Extra Trades: 

Price action finally started to show momentum after crossing below the opening bell and with lower highs and lower lows on the 1-minute chart we took the ES 5 Minute COMPLETE Strategy setup SHORT. 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