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.
Today, overnight price action showed strong after-hours momentum and broke the prior day’s high.
Price action then found upper resistance and formed an M-pattern and begin the mini Market Cycle phase 4 with lower highs and lower lows.
Pre-market Price action was already approaching the prior day’s low and consolidating near new lows.
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The initial ES 5 Minute setup did not have any follow thru so we closed our trade early and reduced our loss to 2 points.