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 continued to rally from the late day sessions and crossed above the prior day’s high before consolidating in a tight range.

From a birds-eye view, price action had formed another complete market cycle. Notice multiple days ago we had a previously completed an entire market cycle and we saw the phase 4 transition to the beginning of a phase 1 once we no longer saw lower highs and lower lows.

Pre-market Economic news and reports full of opportunities for the markets to react accordingly.

Pre-market price action on the 5-minute charts continued to remain above the prior day’s highs and range-bound heading into the opening bell.

So we watched our ES 5 Minute Complete rules and Market Cycle Analysis conditions for more evidence of setups from Candlestick analysis, chart formations and patterns and price action.

Explanation:

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With price action consolidating on the 1-minute chart, above the prior day’s highs and no direction, we decided to sit-on-hands today.

Review all of our trades in the Quick Hits For Fast Profits Summary table…

Extra Trades: 

Once we had price action close above the opening bell on the 5-minute charts, with price action already above the prior day’s highs, we used the Market Cycle strategies for trade multiple flag patterns with LONG positions. Clearly all the weight-of-evidence pointing in the Market Cycle Phase 2 direction. Took multiple profits of 2+ points.

Note: You will have access to the commentary details if you register for our 2017 Scalp Trading MasterClass training program, or our ES LIVE Trading room. or Quick Hits For Fast Profits program.5-Next