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.
Yesterday’s price action presented an aggressive selloff as it broke below the neckline of the previous Phase 3 (i.e., M pattern) and started moving lower with a series of lower highs and lower lows represented with flag patterns. The 20MA crossed below the 200MA and continued to converge lower as price action retested the intraday lows. Overnight price action remained in the lower 1/3rd of the prior day’s range and found some minor support heading into the pre-market and opening bell.
Pre-market Economic news and reports…
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Price action moved aggressively below the opening bell and formed a multiple bar reversal and eventually closed above the opening bell, and took an aggressive LONG. Once price action went in our favor, we used a trailing stop and then took 2.0+ points profit.
Duration: 5+ minutes
For ultra-aggressive traders, during the first-hour session, there were 2 aggressive entries that could lead to quick small profits.
For traders focused on higher quality trading, there were 1 good candlestick or chart pattern setups for quick profits.
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