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.
Price action consolidated in a very tight range yesterday in anticipation of the upcoming economic news. Momentum continues to be bearish with a multiple day mini market cycle phase 4 and the 20MA converging downward with the 200MA. Price action bounced off the intraday lows from the prior day and continue to retrace towards the 38% Fibonacci levels.
Pre-market Economic news and reports…
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Price action consolidated around the opening bell and the 20MA with very little direction and momentum in anticipation of the FOMC news. We decided to sit on hands and wait for confirmation of trending conditions.
For ultra-aggressive traders, during the first-hour session, there were no quality ultra-aggressive entries that could lead to quick small profits.
For traders focused on higher quality trading, there were no good candlestick or chart pattern setups for quick profits.
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