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.
Momentum stalled after the huge rally yesterday and during after-hours, price action found minor resistance near the prior day’s high and started to transition into a downtrend with a series of lower highs and lower lows. Price action oscillated around the 20MA and moved slightly lower while remaining in the upper 1/3rd of the prior day’s range. The 20MA started to converge lower towards the 200MA in pre-market and heading into the opening bell.
Pre-market Economic news and reports…
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After the opening bell, price action consolidated sideways before breaking down aggressively with weak momentum in mini market cycle phase 4 on the 1-minute charts. We waited for confirmation of a lower high and aggressively took a SHORT entry based on a multiple bar reversal pattern and new intraday lows. Momentum continued in the downtrend very slowly and we micro-managed the trade and captured 1.0+ points profit. After price action continued to move lower, another SHORT entry was presented based on a flag pattern breakdown and we captured 1.0+ points profit.
Mini Market Cycles Analysis: