Work issues.

    I usually get to work at 7AM and that gives me an hour to do some prep work. Lately the boss has been coming in early as well and this has been eating into my pre market prep time. I do my pre market analysis as best as i can but sometimes cant post it on time. Ideally i would like to post it by 8 AM and make some minor changes based on the price action leading up to just before the cash open.
 Throughout the day i constantly get pulled away from trading to handle work related issues. As of lately we are going through some major expansion projects and it takes alot of my time from trading. A few months ago i had a lot of extra time to trade with very few interruptions. I have to balance work and trading for now but would like to ultimately make the transition to trading full time after im 100% sure that i can make a consistent living from trading. I have goals that i want to achieve in order to prove to myself that i can in fact make money trading. I will do a post later on about the goals i want to hit along my way to being consistent.

End of day review 6-15-11 Wednesday

Trade plan and Price action review: (Price action) ES gaped down on negative econ release pre market. The AM trade was slow and choppy. We formed a triangle and the sellers came in around 11:30 pushing ES down breaking the IBL. Sellers continued to push down to the lower balance area around 1261 area. There were a few rotations at the S/R levels below offering some good opps.

(Trade plan) My trade plan was spot on today. I was expecting a rotation down to the lows of the balance area and was looking at 1268 as a first potential target. I wrote my trade plan before the 8:30 AM release and the market was trading a lot higher before the release so 1268 was far away at the time.

Trades review: (Hypothetical)

(Actual)

1^st trade: Type of Set up: break and PB

(Technical) the market was bearish with the pre market news release and i was looking for a possible rotation to the lows of the balance area this morning. So on the selling i got short on the PB into resistance and was looking for a quick move to new lows. The buyers were active on the move lower so I got out BE scratch.

(Emotional) I was calm and comfortable taking this trade. I was able to identify that the trade wasn’t working out and was able to bail on it with a BE exit.

(Execution Grade) B. I was a few ticks late on the entry.

(BSO Points) scratch trade + 1 tick

2^st trade: Type of Set up: Break of trend line.

(Technical) The market formed a triangle and with the bearish tone in the market I was looking for opps to get short. So as soon as the market broke out of the triangle I was looking for an entry. I could have gotten a better entry but the order flow was telling me to get in so I got short at 1271.25. I had a 3 point target at 1 point past the IBL which was the first logical target. There was certainly more in it but I have to stick to my plan of taking the 2-3 point trades till my size increases.

(Emotional) I felt good on this trade. I had no problem holding it for my target.

(Execution Grade) C . I could have gotten a better fill but still happy with the trade.

(BSO Points) 3 points

3^st trade: Type of Set up: Impulse trade

(Technical) I was guessing the market was going up so I jumped on it really quick to catch the momentum ride. The market fizzled out and quickly reversed and I was stopped out for – 5 ticks.

(Emotional) I totally jumped the gun here and was playing with fire. No reason to take this trade. It was completely an impulse trade and I will try to not do it again.

(Execution Grade) F

(BSO Points) -6 ticks

Conclusion of the day and thoughts going forward: Over all im happy with the day other than work interfering again. I’m still trading well and I’m getting paid for it. I stick to my rules (except for that one today) and my plan and my results speak for them self

BSO Points for the day: 2 points

Winners: 1

Losers: 1

Scratches: 1

Grades for the day:

Following my plans: A My trade plan was good

Following my rules: C impulse trade brought this down

Emotions in check: C and felt I was missing something on that last trade.

Pre market analysis 6-15-11 Wednesday

Was busy with work again. Not sure how long this is going to go on.

News: Housing market index @ 10AM

Trade plan and Price action analysis: (Price action) Yesterday ES gaped up and traded higher off the open. Buyers are stepping into this market recently. Globex has traded lower in the overnight session showing that the sellers are still active. We have established value below yesterday value area in the overnight session giving us a bearish macro structure so far. We are at the top of a balance area that started on 6/6 and it is possible that we get responsive sellers up here for a push back down to the lower balance area.

(Trade plan) The plan is to watch the open today to see who is taking control of the market. I’m expecting a balanced session today although we have the possibility of responsive sellers being active up here for a push back to the 1268 area. There is one news release out after the open that could provide some movement if it is way out of line so i will be watching that at 10AM. Over all i will be looking for opps at the S/R zones depending on the open. And i will be looking out for responsive sellers to be active up around the 1288 and the 1291-1293 area.