End of day review 6-14-11 Tuesday

Trade plan and Price action review: (Price action)ES opened above value after gaping up in globex session. Buyers were active pushing up into resistance areas and grinding higher throughout the day with a few PBs along the way.

(Trade plan) The focus was on the long side at support. We opened right at support and buyers pushed up and broke the globex highs area. We pulled back into the 50% retrace and the support level also the globex highs and buyers were active pushing ES back making new highs. There were a few opps to get long with the buyers toady. My plan seemed to be in line with the general market behavior today.

Trades review: (Hypothetical)

(Actual)

1^st trade: Type of Set up: Reversal resistance

(Technical)I was short at 81.25 and looking for the sellers to close the gap. This was counter to my analysis but the set up was clean it just didn't follow through to my expectations so i scratched for + 2 ticks.

(Emotional) I felt confident taking this trade. It wasn't ideal for my analysis because it was counter trend trade but the stars aligned so i took it.

(Execution Grade) A no heat and i was able to scratch without a loss

(BSO Points) +.50 points

Conclusion of the day and thoughts going forward: I still had some interference with work today so wasn't pushing my trading as much as i would have liked. There was a few opps i missed but I'm OK with it. My morning plan was in line with the market and i felt good going into the day. Just need more time to concentrate on trading without the work issues. But time will tell if i am on the right track.

BSO Points for the day: +.50 points

Winners:0

Losers:0

Scratches:1

Grades for the day:

Following my plans: C I traded counter to my pre  market analysis

Following my rules: A No issues there.

Emotions in check: A I didn't feel like i was missing anything today.

Pre market analysis 6-14-11 Tuesday

News: Business inventories @ 10AM

Trade plan and Price action analysis: (Price action) Yesterday balanced in a range and placed value in the same area as Fridays trade. We had one interesting development happen though. ES sold off and tried to break the lows of the previous day balance area and the market quickly rejected that push down and responsive buyers were active below and pushed ES back into the balance area. We were left with a P shape profile which is indicative of short covering. Globex has traded higher in the overnight session showing that buyers are in control for now. Globex has a P shape profile again and value is establishing above the previous 2 day balance area.

(Trade plan) With buyers stepping into the market my focus will be on the long side at support areas. The market is due for some kind of a bounce and i see signs of support holding. We have business inventories out at 10AM and could see some reaction at that time. We also have a few econ release out before the open that could give some movement also.