End of day review 4-1-11 Friday

We didn't get much of a reaction on the NFP numbers. ES floated higher before the open then sold down to support and bounced from there. I was in a great trade just before lunch time and i ended up scratching it to go to lunch with an old friend. I didn't make anything on it but i consider it a good trade being that both of my targets were hit , it just took a while. Then at the end of the day i messed around and took 2 long trades as i was expecting support to hold which it didn't. The problem with them trades was that the market was selling off a little bit and i shouldn't have bothered with long at that particular location. then i got long again breaking my rule that after 2 stop out then done for the day. After I realized that the lows was a false break i bought 1326.00 and held for 3 points then when it retraced I bailed for 1 point lol. If i can't laugh at myself then WTF...

Any way i clearly have some mental issue that i need to work on with trading or i will never become a consistent trader.

1. The first bad trade i took i was like F it and took it so i guess that would be counted as an impulse trade which is a rule that i broke. So that's the reason for the loss. I guess what i was feeling was fear of missing something which is what caused the reaction to take the impulse trade.

2. On the second time i took the long trade i guess i was still feeling like i need to get into this before i miss it again. Instead what i should have done was nothing or waited for a better price. I should have planned it out a little better and i would have gotten a 2 or 3 point trade.

3. For the 3 rd trade i got in perfectly but i was looking for it to shoot to the moon. If i had stuck with my original plan i would have gotten my targets and been on my way. Instead i was greedy and ended up only taking 1 point when i was 3 point up. Otherwise i would have had my targets which was 2 points.

So i think i need to start another journal and i will use it specifically for my physiological thoughts.

I forgot to take screen shots before closing my charts down...

Pre market review 4-1-11 Friday :)

News: NFP @ 8:30AM, ISM Mfg Index @ 10AM, Construction spending @ 10AM

Daily chart notes: Daily is in an uptrend and put in a bearish candle then a doji candle. we had an inside day yesterday.

Trade plan: ES has had a pretty strong move up off the lows from the Japan disaster. We are consolidating at an area where we could expect responsive sellers to be active on the higher time frame. The past 2 days have sat in a range and yesterday was an inside day. So we could expect a break of this consolidation possibly today. We have a few important economic releases today which could be the catalyst for a move out of this area. So far i have pre market resistance at 1325.50-1327.50 and im expecting sellers to be active there. A break above that area will bring a few strong resistance areas into play above. We have initial resistance at 1329.50-1331.50 and strong resistance at 1332.50-1334.00 where i expect sellers to active as well. For the down side i have pre market support at 1319.50-1321.50 and initial support at1314.50-1316.50 where i expect buyers to still be active due to still being in an uptrend. Over all i have to gauge the response by the market to the economic releases today and play it like that. If we break down pretty hard the 1309.50-1311.50 level should cut the selling off if not then i will not be look for longs below that area until we get down to 1295-1300 area where i expect selling to shut off at. Last thing to note we have a neutral weekly IB and we are at the extreme highs of the week and at strong resistance. It is likely that we get a full rotation back don't to retest the lows of the week at  1300 area.