End of day review 4-27-11 Wednesday

So there was one set up for me that i waited a little too long for confirmation on. It was at the globex lows area which was a perfect long opp. I was ready for it but we got a little pop of buying and i put my order in just below a block of buy7ing and it never filled it so i let it go. So no trades for me today. The most important thing for me today is i followed my rules not breaking any of them. The market acted as i expected today with ES balancing before the FOMC announcement at 12:30PM. After that Ben Bernanke spoke for about an hour starting at 2:15PM and that was pretty much the day. Buyers are still firmly in control and it will be interesting to see what tomorrow and the rest of the week brings.

Pre market analysis 4-27-11 Wednesday

News: FOMC meeting announcement @ 12:30 PM

Trade plan: ES yesterday broke the top of the bigger balance area making new highs on the year. We spent the day establishing value above the 1337-1338 previous high of year. Globex has now traded in a range before the cash open. My expectation today is for ES to balance in a range before the FOMC release at 12:30PM. I will evaluate the reaction at that time to decide the direction i want to trade in. Over all ES is very bullish at the moment and buyers are in full control still. If the buyers can't manage to keep ES above the 1338 level we could see a FB type scenario and a possible retest of areas inside the range. I will be patient and follow my rules and if nothing sets up then i don't trade.