Wednesday, March 16, 2011

End of day review 3-16-11 Wednesday

ES opened and chopped around for some time. We started chopping higher than some news about Japan and the nuclear issues over there came out and ES sold down 20points retesting yesterdays lows. We then put in a few bounces into resistance and proceeded to chop around a little longer. After testing resistance at lunch time we sold off hard again find new levels of support at around 1241s which was quickly rejected and snapped back up 20 points back into the range of yesterday. My levels worked well today I'm happy with them. I just missed some good opps due to work and lunch time. But that's ok i will catch them next time. Going to start keeping a list of "stuff to work on" and review every day and night to ingrain it into my subconscious mind. 2 trades today 1 for +2 points and 1 for -2 points so BE day for me.

Stuff i need to work on:
1.       Stop trying to guess what is going to happen. I find that i say something like "the picture was bullish yesterday so wecould trade back up into so and so area" Instead of reading my charts and taking a trade based on that.










Pre Market Analysis 3-16-11 Wednesday

News: Housing starts @ 8:30AM, Producer price index @ 8:30AM
Daily chart notes: The market is still in a down trend and bounced off of the 50% retrace level from the beginning of the last move up on 12-1-10.
30 Min chart notes: The 30 min chart still is in a down trend and needs to be monitored for follow through in either direction.
Mp Notes: The profile has been building value lower down. Globex has stayed inside of yesterday value area giving me no real indication of a change in sentiment.
Trade plan: ES traded higher yesterday after being down 40 points before cash open. we managed to regain alot of ground lost. Its hard to say what i think could happen we are still in an down trend and that could be just a pullback in the down trend. Im going to wait for the market to open to get an idea of what to expect today. Only a few news release out today so not expecting much from them.