Havent had time to do a morning post
Pre market analysis 7-1-11 Friday
News: consumer sentiment @ 9:55AM, ISM Mfg index @ 10AM, Construction spending @ 10AM
Trade plan and Price action analysis: (Price action) Yesterday saw ES Trade higher continuing the big move up from the balance area last week. We shot up and consolidated the rest of the day holding the gains from the morning. We closed a P shape day with buyers in control. Globex has traded inside of yesterday value showing that the bullish sentiment has held overnight. There are a few news release out after the open that could give some movement on the release.
(Trade plan) With the neutral to bullish macro this morning and the big move in the past few session ES could just balance for the day. There are a few news release out after the open and this could give the market a catalyst to move but im still expecting a mostly balanced session today. Also it the friday before a long week end. Buyers are still in control and i will focus on both the long and short side today depending on how the open sets up. Im still expecting buyers to be active at support but im also expecting the market to start to PB so will be cautious at support that is close to the top areas.
End of day review 7-1-11 Friday
Trade plan and Price action review: (Price action)Market opened and shot up on the release of the news out at 10AM. This sparked some short covering and drove the market up into the 1336 area. We had no PB into support just a parabolic move up.
(Trade plan) My plan called for a balanced session mostly and we got the opposite. We grinded higher with no PBs and really low volume. I was still looking for longs into support but as mentioned we didnt get any PBs to trade off of so i mostly sat out.
Trades review: (Hypothetical)
(Actual)
1st trade: Type of Set up: counter trend trade at resistance.
(Technical) market was moving up fast and we seemed to be stalling at resistance. I knew this was counter trend but i also was looking for a reversal at some point today.
(Corrections) dont counter trend unless everything is perfect.
(Emotional) I knew inside it was a bad idea but i took it any way. I figured we were at resistance so i gave it a go.
(Execution Grade) F
(BSO Points) -1.5
2st trade: Type of Set up: retrace back into IBH
(Technical) Same old set up except that the market is in denial lol. It keeps wanting to go higher.
(Corrections) Traded this one good
(Emotional) was a little uneasy because of the uptrend in place but i kept it tight.
(Execution Grade) A
(BSO Points) BE
Conclusion of the day and thoughts going forward: Today was totally unexpected. I have never seen 4 trend up days in a row. This type of market action is rare and we should see some balancing soon. Any way i feel like im back on top again. I have a grasp on my emotions and i have been waiting for the good trades this week. I have only had 6 trades this week because that's all i have seen and i was away from my screen a lot. Im anxious to trade next week and keep my routine going.
BSO Points for the day: -1.5
Winners:0
Losers:1
Scratches:1
Grades for the day:
Following my plans: D
Following my rules: F need to trade with the trend
Emotions in check: A
