End of day review 6-17-11 Friday :)

Trade plan and Price action review: (Price action) Market opened above value this morning after the big move up in globex session. Responsive buyers stepped in and sold ES down to support area below on my chart. We ranged and built out a triangle pattern that broke down. There were reaction at the IBL and my levels on my chart and the buyers finally stepped in at1263.50 which was gap fill and the uptrend line on the higher time frame. Es bounced up and made a higher low which was a sign that there was more upside possibly to come. Sellers were active at the retest of the previous day’s lows and vwap. We sold down and broke the lows at 1263.50 but buyers were active below this area as we pushed down into my 1261.75-1263.25 level which was yesterdays vpoc and the daily PP. ES closed below the IBL but value was placed higher up compared to yesterday.

(Trade plan) Today was OPEX and we had a few reversal moves as expected. Even though the day was a selling day my focus was still on the long side and this was a good plan going into the day. There were a few good opps to get long at support and buyers were active at support as expected. As I stated in the morning plan I was also looking for short opps at resistance levels. There weren’t really any selling opps at my resistance areas but there were a few trend lines that could have been sold. Overall my plan was in line with the market expectations today and would have provided a good guide to the day’s action.

Trades review: (Hypothetical) See 5 min chart and 15 min chart with black circles.

(Actual) No trades today.

Conclusion of the day and thoughts going forward: I was very busy with work once again today and didn’t have any time to really get comfortable with the market. So being it was a Friday and OPEX I didn’t really try and trade today. I didn’t place any trades today at all as a matter of fact. I think that with work getting busy it is the best thing I could do for now. I must keep balancing work and trading and I have to favor work unfortunately. Im break even for the week which is ok because I had a lot of work issues that caused me to miss trades that I lied and out lined in my morning trade plans during the week.

BSO Points for the day: 0

Winners: 0

Losers: 0

Scratches: 0

Grades for the day:

Following my plans: A I didn’t have any time to trade today

Following my rules: A  I didn’t take any trades out of haste

Emotions in check: A  I let trading take a back seat while I was busy with work.

Pre market analysis 6-17-11 Friday :)

News: Consumer sentiment @ 9:55AM, leading indicators @ 10AM

Trade plan and Price action analysis: (Price action) Yesterday saw ES spike up and down in a volatile session. It is OPEX week so the moves weren't a surprise. ES tried to make new highs from the lows of the balance area but sellers were to strong and we sold off down to retest the lower balance area where responsive buyers were active pushing ES back up into the days value area. Globex has now traded higher building acceptance up around 1273 area. So the control is in the buyers hands.

(Trade plan) Being that we are in a balance area and buyers are in control from the bottom for now my focus will be on the long side. Today is OPEX and we could have a volatile session again. We have a few news releases out after the open and we could get some movement from that so i will be waiting for them to hit the market. Over all i will be on my toes today and will focus on the long side at my support areas but will also look for selling opps at resistance.