New Markets

Recently ES has been a bitch to say the least. So i have decided to look at some other market and i will start sim trading them on monday. I will post screen shots of the Sim trades i take and why along with PNL Im doing this because honestly i cant stand the way Es has been trading. The daily chart says it all. I will be looking at 6E euro/usd and ZN 10 year.

End of day review 2-17-11 Thursday

ES opened and at first was below pre market resistance which gave me a bearish bias. Then we reversed and trended higher the rest of the day. Not crazy about trading in this area so will be very careful and will wait for something good to set up.

1st trade and only: This trade i took at resistance because i was expecting the market to reverse and rotate lower back to value instead ES decided to go higher and i was stopped for 8 ticks. This is ok for me because i had a plan today and i followed it. This was a case of ES just not rotating and the day turning into a trend type day.

Pre Market Analysis 2-17-11 Thursday

News: Consumer Price Index @ 8:30AM, Jobless claims @8:30AM, Leading indicators @10AM, Philly fed survey @ 10AM

Daily chart Notes: What can i say the picture is still the same. We grind higher on low volume. We are still in thi8s rising wedge pattern and the weeks range is only 12 points. How much worse can it get...

MP Chart Notes: ES closed in value yesterday and at the top of the weekly range. Globex is in a tight balanced area and inside yesterdays value area. giving us a neutral macro and no real bias going into today.

Trade plan: Today's trade plan is to wait for the market to move out of this area for the most part. I fell as if we are going to rotate back to the lows of the weekly range. Today should be the day for the wedge to play out which might give us the rotation back to the lows. So what i see in the context is that buyers are in control (what else is new) and need to stay above 1325-1327 to keep control. A break below 1330.50-1331.50 would be an early sign of weakness. And if we break and hold below 1325-1327 will be a heads up of the sellers possibly taking control. We have a few reports out today at 10AM so we could balance leading up to the release and i will decide what i want to do after seeing the market reaction. Over all im still a buyer of support and i will concentrate on the long side around 1321-1323 a break below that and i will look at 1314-1316