Pre market analysis 6-30-11 Thursday
News: Chicago PMI @ 9:45AM
Trade plan and Price action analysis: (Price action) ES traded higher yesterday and closed at the highs of the day. Globex has placed value higher up on the previous session showing that the buyers are still in control. Globex highs were capped by the 1308 CVPOC area. This area is a key level and i will watch it closely.
(Trade plan) With the buyers still in control i will focus on the long side at support today. We could get a test of the CVPOC and a PB from there to find the buyers before moving higher. We are also at an important area because of the bigger picture still being in a down trend. So i will be cautious.
End of day review 6-30-11 Thursday
Trade plan and Price action review: (Price action) Market opened above value and sellers pushed down into the first support area (trend line) and the buyers pushed back up into the highs. We had a small PB and a move higher. The moves up where getting weaker and weaker and the IBH along with the 1314.50-1316.50 level capped the up side. We had a PB into the 38% retrace and we chopped for hours. EOD we had a push up into the highs once again and this was meet with sellers rejecting prices above the IBH and the 1314-1316 level. The market closed at the highs and at the top of value. The recent move up seems to be fueled by short covering and could run out of steam soon.
(Trade plan) Today my focus was on the long side at support areas and that's what i focused on. My pre market plan was in line with the markets actions today.
Trades review: (Hypothetical)
(Actual)
1st trade: Type of Set up: PB into support
(Technical) Market had strong buying come in and i was focused on the long side today. So i bought the first PB into the 1310.75-1312.00 area and the low vol areas from the move up around 1310s.
(Corrections) looked good but perhaps i should have waited for a min longer to get a better price around the low vol areas. I traded with the buying so it was a high prob trade considering the context Etc...
(Emotional) I felt confident taking this one. I was a little nervous on the PB as i almost was stopped but felt good about the overall plan for that trade.
(Execution Grade) C Could have pin pointed a little better.
(BSO Points) +3 points
Conclusion of the day and thoughts going forward: I was patient and i had a plan and i followed it. Thats the trick to trading if there is just one trick. Have a plan and have a developing plan that is laid out along the way.
Today is the end of the month and also end of the 2nd quarter and i have posted my pnl for the 2 periods. Im up for both periods but not as much as i would like to see. For June i was off to a great start but my emotions and work capped that off a little bit. I did well for the quarter, again not as much as i would have liked but i am still making good steady improvements in my trading compared to last year. And thats what keeps me going. The fact that i make any kind of progress is the light at the end of my tunnel of being a consistent trader. Next step "size increase"
BSO Points for the day: +3
Winners: 1
Losers: 0
Scratches: 0
Grades for the day
Following my plans: A
Following my rules: A
Emotions in check: A
Good job for me today
