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.
Detail Chart Analysis and Reviews provided in new & improved video format with audio.
Registered LIVE Trading Room attendees get FREE access…Click here!
Pre-market Economic news and reports…
Yesterday, price action built strong momentum to the upside and broke out of the multiple day range. However, economic events caused the markets to react and sell off aggressive in the late day sessions and eventually find some minor support at intraday lows. Overnight price action consolidated below the prior day’s low and continued in to pre-market. After the opening bell, the markets were very choppy oscillating back and forth around the opening bell. With no direction, and price action range bound, we decided to sit on hands.
After all the choppiness in price action in the morning session, the markets formed an M pattern (i.e., Double top) and a series of lower highs and lower lows. With price action below the 20 MA < 200 MA, we took a flag pattern retest entry SHORT. We immediately moved our stop to break even and using a trailing stop, slowly waited for our profit target. Took 2.0+ points profit.
Unlock more trading tools to improve your trading instantly…