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 consolidated below the prior day’s intraday lows and found minor support after a 2X bottom.
From a birds-eye view, price action has formed a very nice complete market cycle with all four (4) phases in the last few day. Price action is currently in a phase 4 with lower highs and lower lows over the last several days.
Pre-market Economic news and reports will increase over the next few days. May start to have an impact on the markets, but trade with caution since price action is still in the all-time highs area.
Pre-market price action on the 5-minute charts is building momentum heading into the opening bell. Since price action found support in overnight, we are starting to see higher highs and higher lows as price action crosses back above the prior day’s low and inside the prior day’s range in the lower 1/3rd.
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We took an aggressive LONG entry and we immediately have price action move in our favor and we took 2+ point profit.
Review all of our trades in the Quick Hits For Fast Profits Summary table…