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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Overnight price action provided evidence of higher highs and higher lows heading into the opening bell. Already having had multiple flag patterns before the opening bell, wanted to wait for confirmation of price action after the opening bell to see more weight-of-evidence.
Markets oscillated around the opening bell and we finally saw the flag pattern and retest for a potential setup. Decided not to take the trade because of choppy price action inside the prior flag pattern area and just sit on hands.
Took a minimum position LONG once we had price action fail to breakdown from the triangle pattern and form another flag pattern. With all the weight of evidence supporting the momentum, we micro-managed the trade on the 1-minute charts and took 3.0+ points profit.
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