Thursday, April 28, 2011

End of day review 4-28-11 Thursday


So The session was balanced all day as i expected. Buyers were active at the first support area i had but i didn't want longs there in front of the 10AM pending home sales figure. I tried to catch a short after ES broke to new highs and couldn't bring in more buyers and broke back down below tha IBH at 1354 even. I had order at 1353.75 and couldn't get a fill. Perhaps i should have had order at 1353.50 a tick in front of the low of that consolidation area at IBH. Any way not sure that would have even filled. I like them kind of trades and i will keep an eye open for those more often. ES retraced back up into that same level where i took a short at 1354  for 3 points BSO. Buyers were all to happy to snatch that price up at 1351 area again and take the market up to new highs once again. So doing pretty good this week. And i feel pretty good as well. Just need to stick to my rules and be patient and wait for my trades to come to my pre determined areas. Context is key...


Pre market analysis 4-28-11


News: GDP @ 8:30AM, Jobless claims @ 8:30AM, Pending home sales @ 10AM
Trade plan: Market is still in a bullish context and structure and buyers are still in control. Im expecting buyers to be active still at support but only on pullbacks into support at lower levels. The reason is that sellers could just the market down to strong support at any time to retest areas below to find more buyers. Globex has been establishing value higher up and has since been trading down to yesterdays value area. So i will be looking for buyers on the open. We have pending home sales at 10 AM and we may balance before that.