End of day review 6-23-11 Thursday

Trade plan and Price action review: (Price action) The market gapped down and sellers continued to sell but it was slow and choppy. Buyers took market back up almost filling the gap.

(Trade plan)

Trades review: (Hypothetical)

(Actual)

1^st trade: Type of Set up: Range trade

(Technical) We poked above the IBH on a balanced day. I saw some rejection so I decided to take a short. I was a little early and we popped up and I was stopped out for -2 points. The market did go my way right after the pop but I had to keep it tight because I didn’t know if it was going to reverse or not.

(Corrections) The market was in a trending move up and there was strong buying coming into that IBH area. I shouldn’t have been looking at shorts at that time. Better shorts were after we broke back inside the IB or the break of the trend line.

(Emotional) I fell as if I jumped into this trade. So I will consider this an impulse trade. I should have not got short in front of a strong up move. It was trending clear as day.

(Execution Grade) F

(BSO Points) -2 points

2^st trade: Type of Set up: Range trade

(Technical) We broke back inside of the IBH and I tried to take a short back into the IBH. The market popped back above and into the resistance level just above the IBH and I was stopped to the tick and the market reversed back lower hitting my target

(Emotional) I think I was pissed about the first trade and I jumped back in to quickly.

(Corrections) I will have to say that this was a revenge/impulse trade. The IBH wasn’t a clean level to trade off of because of the way the market opened this morning.

(Execution Grade) F

(BSO Points) -1.5 Points

Conclusion of the day and thoughts going forward: What a day and week it has been. I am going through the same shit I went through a few months ago with my emotions and work. It seems as I get distracted with work I start to do bad in trading. And I’m realizing that trading is mostly a mental process that cannot be done while there are distractions that constantly pull you out of the zone so to speak. I need to realize that and adjust accordingly.

BSO Points for the day: -3.50 points

Winners: 0

Losers: 2

Scratches: 0

Grades for the day:

Following my plans: F

Following my rules: F

Emotions in check: F

Pre market analysis 6-23-11 Thursday

Been busy with work the past week so trying to keep up as much as possible. Has a few losing days but very small relative to past performance. I realize that work is screwing me up again so i have backed off a little bit as per my observations the last time i started doing bad when work interfered.

News: Jobless claims @ 8:30AM, New home sales @ 10AM

Trade plan and Price action analysis: (Price action) Yesterday ES traded up into 1292-1294 resistance area which was the top of the balance area. After the Fed announcement the market sold off showing that the sellers were active at the top of the balance area. Value established higher but the sellers took control and closed the day on the lows and below the day's value. Globex has since traded lower showing that the sellers are still in control.

(Trade plan) We have new home sales out after the open and we could get some balancing before the release. Sellers have taken back control and im expecting resistance to hold. We are set to open below value so it could attract responsive buyers so i will be watching for that on the open swing. As long as we stay below the 1286 area i will be bearish. Above that and i expect a push above the recent highs.