End of day review 4-25-11 Monday

Europe was closed today and we saw ES trade in a small range with very slow choppy trade. ES pushed down into my 1327.50-1329.50 level where i tried for a long and was stopped out for - 6 ticks. The market reacted as i expected today by balancing in a range before and after the figure release. I was stopped out with a 6 tick stop and a 8 tick stop would have kept me in the trade. I think the slow choppy trade is what got me stopped out because that set up on any other day similar to this context would have worked out just fine. A little frustrating but i continue to move on. perhaps i should have had a 2 point stop. I don't see what else i could have done to make that trade profitable other than a bigger stop. I had well defined entry point in a good area of support with the buyers in control and at good support. perhaps my level was off a little bit. 1327.50 was the MCVPOC so maybe a test of this would have given a better entry point...

Pre market analysis Monday 4-25-11

News: New home sales @ 10AM

Trade plan: That was a nice long weekend. I really enjoyed getting away from the markets for a few days. ES shot up last week and consolidated the past few sessions. We are at the top of the bigger balance area and could expect responsive buyers to be active up here. I have a resistance level at 1334-1335.50 which is where globex highs made it to before ticking off a little bit. With only new home sales out today at 10 AM we may just balance before and after the release with a small reaction on the release. The reason is i believe that the housing market data is not on the forefront right now. If the numbers are really out of whack then we may get a bit more of a reaction. Over all i will be concentrating on buying support and selling resistance areas. Depending on the action i will be more inclined to get short up here and play as a responsive seller at the top of this range.