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 and did not have enough momentum to retest the upper boundary of the prior day’s high area. Small mini market cycles forming inside the range.
From a birds-eye view, price action formed a 3X top the last couple of day and continues to be very stagnant in moving significantly. The 3X top area resembles a market cycle phase 3 after no longer forming higher highs and higher lows.
Pre-market Economic news mostly focused on oil related events so we still need to watch with caution for any potential impact on the markets direction.
Pre-market price action already showing early indications of lower highs and lower lows and testing the lower boundary of the consolidation area heading into the opening bell on the 5-minute chart.
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Price action moved very slowly in our favor but with minimal profits..and we tighten our trailing stops before getting stopped out…stopped out with 1.00 points profit.
Note: Market extremely difficult as seen with all the overlapping bars on the 1-minute charts.
Review all of our trades in the Quick Hits For Fast Profits Summary table…
Extra Trades: None