End of day review 6-3-11 Friday :)

Trade plan and Price action review: (Price action) ES opened below value on the NFP release and buyers were active pushing ES back up into the previous days range lows. Sellers were active and ES had a PB into support level 1299-1301 and the 50% retrace as well and we trended higher making new highs. ES hit the 1309 trend line from a few day and we sold down from there breaking the days uptrend line and breaking back below the IBH which was a red flag for buyers. ES rotated all the way back to the lows and closed at the low tick of the day which is bearish considering the current context we are in. The day was balanced and we closed at the lows of day’s value and below vpoc.

(Trade plan) My trade plan was waiting for the NFP release and going from there. So I was just going to plan the day from there.

Trades review: (Hypothetical)

(Actual)

1^st trade: (Technical) I tried a short at my resistance area 1304.50-1306.00. I entered at 1305.25 looking for a short back down into the range (IB). Buyers were still active and pushed up to 1307.50 and i was stopped at 1307.00 for -2 points. Technically it looked good but i think i need to work on my timing a little bit. I obviously bought to early because the market ticked off that level after the buying dried up. Momentum was up on the 5 min chart as well so no need to look for shorts just yet. There was no sign of sellers yet. We also had a big VB div at the level. -2 points

(Emotional) At first i felt little bit like i was rushing into the trade. And i obviously did. I need to not fell like im going to miss something and let the market tell me when to pull the trigger. Currently the market reversed off that level and is at 1303.50 back below IBH...

(Grade) F Bad timing

2^st trade: (Technical) I went short on a break back under IBH and the 1303.50 level that formed. I was a bit early so i added 2 more on the retrace keeping the stop the same. So i was willing to risk a little bit more on the add. My risk was a around $300 but i was expecting a rotation lower. We got the initial move but there was bullish news from the ECB that caused a little bit of a move up. So i got out of 3 for +2 points and took BE on the forth. +2 points

(Emotional) I felt i was early once again and i was so need to work on that issue. It all a matter fear. Fear of missing something so i need to try and remove that from my trading.

(Grade) C +

3^st trade: (Technical) The market was in a uptrend and we hit the 1309 trend line and globex vpoc. The session was having a hard time trying to hold above the previous day’s lows. So when the uptrend line broke I took a retrace back into the TL. I’m only upset that I only took 3 points out of this move but it was still a nice trade. ES broke back below the IBH and a rotation to the lows was in the cards at that point. I almost got filled at 1302.25 for 4 points but it bounced a tick in front of my order. I had to go outside so I just took 3 and stuck to my plan.

(Emotional) I was a little hesitant on selling in front of the IBH but I felt good about a rotation lower so I took it.

(Grade) A Execution was perfect just needed to hold a few minutes longer but still good.

Conclusion of the day and thoughts going forward: Today was a lot better than yesterday trade wise. I only had 3 trades and still made the same as I did yesterday. I ended the week up and it feels great. I think I just need to keep doing what I’m doing with my journaling and reviewing Etc...

Grades:

Following my plans: A

Following my rules: B

Emotions in check: C Still dealing with fear of missing something and it forces trades

Pre market analysis 6-3-11 Friday :)

News: NFP @ 8:30AM, ISM non Mfg @ 10AM

Trade plan and Price action analysis: (Price action) ES balanced in yesterday session building a P shaped profile with most acceptance at 1312 area. Yesterday ES took a dive down after putting most of its value at the top of the mornings range. The move lower was to find the buyers and they came in around the 1305.50 area as expected. We bounced from there closing in value on the day. Globex has balanced over night but placed value on the lower part of yesterday value. This is slightly bearish but we are at the bottom of this move and a likely place for buyers to hold their ground and try and put together another rally attempt. Globex move up was capped by the 1312 level and yesterday VPOC and the down side shut off at 1305.50 once again. We have a small bounce right now (7:30AM EST) and i will monitor this throughout the morning and into the NFP number. Update.. The number is alot worse than expected and we traded below the 1305.50 down to 1298 area.

(Trade plan) With NFP out today i plan on waiting to see the market's reaction to the release at 8:30AM. In the case of a bearish reaction we could trade below the 1305.50 key level and in which case i will be looking to get short on any PBs into my resistance areas below. I would need to see the market trade below that level for a little bit to confirm the break. In the case of a bullish reaction i will be looking to be a buyer on any PBs into support as i am expecting buyers to be active down at these levels and above the 1305.50 area. Yesterday was a short covering day on the lows at key support so buyers are active around here.