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.
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Pre-market Economic news and reports…
Overnight price action remained in the upper 1/3rd of the prior day’s range. Price action consolidated overnight and pre-market heading into the opening bell. With very little momentum and movement, price action showed evidence of being very choppy and grinding higher. Review the 1-5-15 minute charts, we had very few setups and aggressive scalp traders are having to rely on stop-limit orders at intra-day highs for setups and entries that are showing very little follow-thru.
Decided to sit on hands since we are at all-time highs and wait for more weight-of-evidence.
Price action continued to be in a strong phase 2 with evidence of higher highs and higher lows. With price action already at all-time highs, we took an aggressive LONG trade and managed it using a trailing stop. Closed trade early after 1-hour with 1.0+ profit.
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