Monday, February 7, 2011

2-7-11 Monday

Didn't have any time this morning to do pre market analysis or put together a trade plan for the day. I was very busy with work. Any how i did do some quick analysis and based on the over night structure setting up as a bullish macro type structure along with the open drive type open i started to look for pullbacks to get long on. I didn't sit down at my computer till 10:30 or so and i saw a long so i jumped on it and was in and felt good about it but because of all the commotion at work i wasn't really in touch with my mind and ended up scratching this one and going out side to tend to an issue. The trade would have been good for a few points. The next trade i took was another pull back into POC that developed in the C session on the MP chart. This is usually good for a nice move going with the trend. I took a few ticks of heat on this one at first then it went for me by 1.5 points and came back to my entry so i scratched. The scratch was good cause i had to go outside any how and the market has been chopping around the VPOC since then so what ever. I will wait for the next one. Last trade of the day was a long off of the retest of globex highs. I didn't like this area at first but after the market traded there for a few minutes and i was watching the book and order flow on MD i decided to jump in. At first i was looking for a move back into VPOC at 1318.25 and ended up taking 2 off for 2 points. I usually don't like taking trades around 3:30 or later because if i take a loss i wont have an opportunity to get it back . OK done for the day. Back again tomorrow to do it all over again...