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 for the ES Emini Futures found some minor support as price action continues to consolidate inside the prior day’s range. Price action started to move slightly higher towards the prior day’s highs with a series of higher highs and higher lows as a result of multiple flag patterns heading into pre-market and the opening bell.
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Immediately after the opening bell, price action moved slightly higher towards the upper boundary of resistance. After the 2X top, price action rolled over and crossed back below the opening bell and started forming lower highs and lower lows on the 1-minute charts. We took an aggressive position SHORT with a tight stop. Once price action moved in our favor we moved our stop to break even, and then took 1.0+ points profit from each ultra-aggressive flag pattern.
For ultra-aggressive traders, multiple opportunities for SHORT setups to capture quick profits.
For traders focused on higher quality trading, at least one (1) 3-bar reversal candlestick SHORT pattern presented quick profits.
Duration: 4+ minutes
With the confirmation of a mini market cycle phase 4 on the 1-minute charts, we took another aggressive SHORT with a tight stop, and once price action moved in our favor, we moved the stop to break even, and scale out of a partial position for 2.0+ points profit.
Using our trailing stop, we scaled out of the remaining position with 3.0+ points profit.
Our 1-minute chart continues to show evidence of mini market cycle phase 4 with price action staying below the 20 MA. Took another SHORT based on flag pattern breakdown, and took 2.0+ points profit.
Price action retraced off the intraday lows after finding minor support. We waited for confirmation of higher highs and higher lows from the mini market cycle phase 2 and took a LONG entry. We moved our stop to break even, and then using a trailing stop took 2.0+ points profit.
With price action in a strong uptrend and mini market cycle phase 2, once price action closed above the prior day’s high, we took another LONG entry, moved our stop to break even, and closed the trade using a trailing stop for 2.0+ points profit.
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