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 started to move in the mini market cycle phase 2 uptrend yesterday during normal trading activity and continued the multiple day phase 2 uptrend overnight by consolidating and moving upwards around the 20MA. After the extended breakout, the 20MA is starting to converge upwards away from the 200MA and price action retraced during pre-market with a flag pattern and then continued to new pre-market highs heading into the opening bell.
Pre-market Economic news and reports…
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After the opening bell, price action initially consolidated with lots of choppy price action and overlapping candlesticks. After a brief level of upper boundary of resistance, momentum moved lower towards new intraday lows. We waited for the 1-minute charts to confirm momentum moving below prior flag pattern lows and we aggressively took a SHORT entry based on a new intraday lows. Momentum moved in our favor and we easily captured 2.0+ points profit.
Mini Market Cycles Analysis: