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.
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Overnight price action for the ES Emini Futures consolidated inside the prior day’s range in anticipation of the upcoming FOMC related events. Price action found some minor support and gean slowly moving higher with slightly higher highs and higher lows while oscillating around the 20MA heading into the pre-market and opening bell.
Note: 20 Sessions can be scheduled over multiple weeks or months.
After the opening bell, price action started to move below the opening bell after the mini market cycle M-pattern in pre-market. Then price action started to form lower highs and lower lows in a very small range on the 1-minute charts. With price action inside the prior day’s range, with the anticipation of the FOMC event, we decided to sit on hands during the morning session.
For ultra-aggressive traders, there were no aggressive entries for very quick profits.
For traders focused on higher quality trading, there were no quality setups on the 5-minute/15-minute charts or candlestick reversal patterns with price action moving for quick profits.
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