End of Day Review 2-28-11 Monday

ES had a balanced session today trading from level to level offering some good trading opps. I unfortunately i missed the good runs. I still end the day up but not as much as i should have been. I guess a positive day is a positive day. So i am thankful for it. I see where messed up today and i will take note of it so i can adapt and get better in my trading. There is one good trade that i didn't get filled on but was the trade of the day IMO and that was long at 1320 area. I had my order in and market traded at my price but no fill. Over all im very happy with my levels and the change i made last week in how i get prepared for trading has been helping me to feel more confident before the market opens. Until tomorrow have a good night.

1st trade: I went short at 1328.25 after market hit resistance. I ended up  scratching for + a few ticks because this was a very counter trend trade, everything was pointing up and i only took it because we were chopping around and was looking for a rotation to the downside. I ended up getting out to early but that's ok i would rather be out instead of being in wishing i was out.

2nd Trade:  I took a short at 1325.00 1 tick in front of the 15 min double bottom after the move lower. I was correct in selling the 1328.75 level but didn't hold for the follow through. Then ES sold down to 1323.75 and i took the retrace short at 1325 to join the move lower. Unfortunately i was tied up with work and had to go outside so i move to BE and didn't want to let the trade play out without me watching it and i took the BE and went to  handle my work issues then went to lunch. The market did follow through after touching the 1326 resistance level so trade was a nice one, just work interfered with it.

3rd trade: I took a short at 1323.00 playing the down trend line and resistance area. I was stopped for 6 ticks on this one. I didnt really like it but i think i took it because i was bored and i missed the others. Not a good reason to trade. Any way the context was telling me to stay out of it after testing the 1319-1320 level.

4th Trade: I took a long after the trend line broke so i can join the move up. I had a 3 point target on this one because i believed a rotation back up to the highs of the day was in the cards. The market traded to my target and i didn't get filled so i settled for 2 points at 1325.25.

Pre Market analysis 2-28-11 Monday

News: Chicago PMI @ 9:45AM, Pending home sales@ 10 AM,

Daily Chart notes: The daily chart shows a PB in the bigger uptrend. We retraced more then half the move down and it looks like ES may be continuing the move up. I will monitor for buyers at support to continue the move higher. Unless we start to see some more selling come back into the market around this level it is likely to see ES trade back up to the highs.

MP Notes: Looking at the weekly profile ES has been moving the past week. We have recently turned back up and we are around 61.8% retrace of the move down. Looking at the profile we can start to range between 1292-1342. And looking at globex session today we are right in the middle of that range. So caution needs to be taken because we can really go in either direction. Most of the globex session put value in at Fridays session and has recently shot up to 1326-1327 level and is trading up and down there building acceptance at 1324.75.

Trade plan: ES shot up on Fridays session and spent most of the day around composite POC at 1319 area. The market is accepting higher prices and now globex has broken to the upside showing some strength in the pre market session. The plan is to look to buy pull backs into support and sell resistance at my levels. If we break below 1319-1320.50 level it would be a red flag for buyers. If 1315-1317 gives way i will be less likely to be a buyer at support because we mat test lower down to find support. Over all the market is in a tricky area and i need to be cautious in either direction. With ES opening above Fridays value we could get some buying right off the open or a gap fill.