End of day review 2-15-11 Tuesday

So today wasn't a good day for me partly because of work and myself. I didn't get to computer till after 10:00AM and i got a little jumpy and got into a trade to early. That cost me 2 points. Then i got back in which was the correct thing to do but my entry was off and i got stopped again. Then i tried to get short again and took a break even on that one and good thing because market went up. The market balanced again today and tested the 1320-1322 level and went higher from there. That's where i wanted to get long from and i should have waited for my level top trade before i put on a trade. My problem today was i didn't follow my plan and i was distracted with work. But i don't want to blame work alone. I should have followed my plan more importantly. Let's see what tomorrow brings.

Pre Market Analysis 2-15-11 Tuesday

News: Retail sales @ 8:30 AM, Empire state Mfg Survey@ 8:30AM, Business Inventories @ 10:00AM

Daily chart notes: We are still moving higher on the daily making new highs again on the year. The big rising wedge is still in play and hasn't broken the trend line yet. Yesterdays vol was really light and we still made new highs so caution up here is needed.

MP Notes: Sunday and Monday were perfectly balanced sessions and globex is in value with the past two session leaving us with a neutral macro structure. Friday broke out of the balance area making new highs on the year so the bigger picture remains bullish with buyers in control. This picture can change pretty quickly tho so cation needs to be taken on the long side.

Trade Plan: ES had a balanced session yesterday as expected. We are consolidating above the previous balance area which is good for the bullish context. We have a rising wedge that may play out on the daily so i will be cautious on the long side as support areas might break on the way down to find more buyers. Im still looking for the first test of the previous balance area high and will look for long opps there. If we break the 1320-1322 level with momentum i will look for a small pullback to get short off of for a quick trade. If we get back below 1320 we could see lower prices down to around 1316-1314 then possible 1310-1308 this would be an extreme and i expect selling to shut off by then. I am only going to concentrate on the long side at the previous balance area highs around 1320-1322 area. If we break the highs i will wait for value to build before playing the long side above the yearly highs. To have a heads up of the first signs of weakness we need to break globex low and see how price trades at 1320-1322 area. A break below 1320-1322 is a red flag for buyers.