End of day review 6-30-11 Thursday

Pre market analysis 6-30-11 Thursday

News: Chicago PMI @ 9:45AM

Trade plan and Price action analysis: (Price action) ES traded higher yesterday and closed at the highs of the day. Globex has placed value higher up on the previous session showing that the buyers are still in control. Globex highs were capped by the 1308 CVPOC area. This area is a key level and i will watch it closely.

(Trade plan) With the buyers still in control i will focus on the long side at support today. We could get a test of the CVPOC and a PB from there to find the buyers before moving higher. We are also at an important area because of the bigger picture still being in a down trend. So i will be cautious.

End of day review 6-30-11 Thursday

Trade plan and Price action review: (Price action) Market opened above value and sellers pushed down into the first support area (trend line) and the buyers pushed back up into the highs. We had a small PB and a move higher. The moves up where getting weaker and weaker and the IBH along with the 1314.50-1316.50 level capped the up side. We had a PB into the 38% retrace and we chopped for hours. EOD we had a push up into the highs once again and this was meet with sellers rejecting prices above the IBH and the 1314-1316 level. The market closed at the highs and at the top of value. The recent move up seems to be fueled by short covering and could run out of steam soon.

(Trade plan) Today my focus was on the long side at support areas and that's what i focused on. My pre market plan was in line with the markets actions today.

Trades review: (Hypothetical)

(Actual)

1^st trade: Type of Set up: PB into support

(Technical) Market had strong buying come in and i was focused on the long side today. So i bought the first PB into the 1310.75-1312.00 area and the low vol areas from the move up around 1310s.

(Corrections) looked good but perhaps i should have waited for a min longer to get a better price around the low vol areas. I traded with the buying so it was a high prob trade considering the context Etc...

(Emotional) I felt confident taking this one. I was a little nervous on the PB as i almost was stopped but felt good about the overall plan for that trade.

(Execution Grade) C Could have pin pointed a little better.

(BSO Points) +3 points

Conclusion of the day and thoughts going forward: I was patient and i had a plan and i followed it. Thats the trick to trading if there is just one trick. Have a plan and have a developing plan that is laid out along the way.

   Today is the end of the month and also end of the 2nd quarter and i have posted my pnl for the 2 periods. Im up for both periods but not as much as i would like to see. For June i was off to a great start but my emotions and work capped that off a little bit. I did well for the quarter, again not as much as i would have liked but i am still making good steady improvements in my trading compared to last year. And thats what keeps me going. The fact that i make any kind of progress is the light at the end of my tunnel of being a consistent trader. Next step "size increase"

BSO Points for the day: +3

Winners: 1

Losers: 0

Scratches: 0

Grades for the day

Following my plans: A

Following my rules: A

Emotions in check: A

Good job for me today

End of day review 6-29-11 Wednesday

Pre market analysis 6-29-11 Wednesday

News: pending  home sales @ 10AM

Trade plan and Price action analysis: (Price action) Yesterday saw ES trend higher but in low volume. We closed at the highs of the day with strong buying coming in at the end of the session. Globex has since traded higher over night with the 1302-1304.50 level capping the upside as of now. Globex value is established way above yesterday's session showing that the buyers are still in control.

(Trade plan) Didn't have time to finish this morning but i was looking for longs into support areas.

End of day review 6-29-11 Wednesday

Trade plan and Price action review: (Price action) Market opened and traded down to support area where buyers were waiting. They pushed the market up into the globex highs area where we had some divergences. ES poked above the 1304 globex and was meet with sellers and we broke lower below the channel line that had formed and sold down to the 61.8% retrace and the 1297 level I had on my chart. There were also a few other confirmations to get long there as well.

(Trade plan) My trade plan was unfinished this morning due to work once again. But I was looking for opps to buy support. I wrote down in my plan after the open and after the buying came in off of that 1293 level that I was looking for a move up to 1304 and if we failed there then I was looking for a deeper PB into support to get long. That played out exactly like I said. I just wasn’t around to be ready for it.

Trades review: (Hypothetical)

(Actual)

1^st trade: Type of Set up: trend line break

(Technical) Market topped out at 1304 globex highs and resistance level and made a lower high signaling it was looking like a rollover was coming. I missed the first two opps for a short so I took the 3 rd which was late and it was a break below the IBH

(Corrections) be around for the better opps lol

(Emotional) I was comfortable with this trade because I knew what I was getting into and I was keeping the risk tight.

(Execution Grade) A for the area I was looking at but a F for missing the move.

(BSO Points) BE

Conclusion of the day and thoughts going forward: My biggest problem is not being able to watch the market all day so I can be ready for these opps when they arise. I will keep doing what im doing for now as I feel like I have gotten my confidence back.

BSO Points for the day: 0

Winners: 0

Losers: 0

Scratches: 1

Grades for the day:

Following my plans: A

Following my rules: A

Emotions in check: A

End of day review 6-28-11 Tuesday

Trade plan and Price action review: (Price action) The day opened right at the value high of the previous day. The context and structure was bullish going into the session. Buying came in and we traded higher throughout the day in a slow chopping manner with small rotations at my resistance levels. The market didn't offer any opps for me today so i had no trades.

(Trade plan) My plan was to be bullish today and i said if we break above the 1279s area it would confirm the buyers in control and i would look for higher prices which is what we got. I was to only wait for solid set ups and none came around so i didn't trade.

Trades review: (Hypothetical) see charts

(Actual) None

Conclusion of the day and thoughts going forward: Today was pretty boring and im sure there will be more of them days coming ahead due to summer trading. i was waiting for solid set ups because the market is in a tough spot here and is trying to work out which way it wants to go. My trade plan was in line with the market scenario today and it provided a great guideline to the day's action. My levels were good as well and i was happy with the reactions i got in my areas. The only opp i saw to get long this morning was the retest of the trend line that broke in globex session just before the market opened. It was also a rejection of the OS low that was the signal to get long with the responsive buying below the OSL.

BSO Points for the day: 0

Winners: 0

Losers: 0

Scratches: 0

Grades for the day:

Following my plans: A

Following my rules: A

Emotions in check: A

Pre market analysis 6-27-11 Tuesday

no time to post this morning

News: Consumer confidence @ 10AM

Trade plan and Price action analysis: (Price action) Yesterdays action saw ES trade in a trending fashion back up. We retested the highs at 1279s of the past few days and found sellers there. Globex has traded back up to the 1279s area and that level capped the upside. We traded down to the VPOC area at 1272.50 of yesterday's session and the has shut of the selling for now. Value is established in the upper half of yesterdays value so this show the buyers still have control. The market is trying to find a direction to go in as we are stuck in a range that keeps getting tighter. Eventually the market will break out as balanced areas always lead to imbalanced moves. The question is which way will it break?

(Trade plan) Globex was capped by the 1279 area above and traded down to the 1272.50 VPOC of yesterday profile which has shut off the selling for now. We have consumer confidence out at 10AM and the market may balance heading into that release. The buyers are in control for now and i will use the 1269-1270.50 level as my line in the sand short term. If we start breaking below that it would show the sellers are stepping back in and may take control again. If we break above the 1279s and globex highs area it would tell me that the buyers are still in control and we will likely move higher. Over all like i said this area is tricky as the market works out what it wants to do. So i will mostly sit on my hands and will only take solid set ups.

End of day review 6-24-11 Friday

Trade plan and Price action review: (Price action) Market opened up and completely took back all the gains from yesterday. This was possible going into the day because we opened above value and the b shape profile said the market was happy at the lower prices. The day turned into a trend type day and we kept putting in lower lowers throughout the day. Nothing has really changed this week as we are still inside the balance area on the chart (1253-1293).

(Trade plan) My trade plan going into the day was complete SHIT!!! It lacked focus and expectations. I need to outline levels where i can be bullish above or below and expectations if price goes one way or another. Not having the time in the morning has really hurt my routine and i can't get here any earlier than i am. I could start doing more at home after work but damn when will i ever have a life. I guess i have to make sacrifices for now if i want to get this shit going full time. I need to also have my developing trade plan going throughout the day as well. I have stopped doing it because of work and not having the time. I really need to keep doing that so i can keep developing my market feel and reads.

Trades review: (Hypothetical)

(Actual) Not gonna waist my time going over these trades. They were so bad that I would just prefer to forget them lol. Any way I tried to get long when I saw a perfect short on the first trade. On the second trade I tried a long again and was stopped. We weren’t even at the bottom… The third trade I tried a long again after we bounced off the bottom and I got in front a little bit but we reversed and I was stopped again. Man what a bad day. Hopefully that will be the worst of them for a while.

Conclusion of the day and thoughts going forward: OK so this week was my worst week in months. I did really bad this week and I can only conclude that I didn’t follow my rules. I didn’t analyze correctly and I took trades that I usually don’t take. I have no answer for the reason why other than my work issues. I don’t want to blame work and I’m not because ultimately it is my decision to pull the trigger. So that means if work is interfering then I have to recognize that and adjust my mindset accordingly. Will do better next week.

BSO Points for the day: -8

Winners: 0

Losers: 3

Scratches: 0

Grades for the day:

Following my plans: F

Following my rules: F

Emotions in check: F