Trade plan and Price action review: (Price action) The day opened inside previous days value area sellers stepped in and moved the market down breaking yesterdays lows and moving into the 1330-1332 level of support. Responsive buyers were active below the IBL and we pushed up into the previous day's low were we had a small rotation to the 50% retrace and buyer were active there pushing ES back up into the IBH for a full rotation. Also on the lows was a H$S reversal pattern that played out nicely. Responsive sellers were active once again above the IBH and we had a trending move lower for a full rotation retesting the lows once again. Also we had another H$S pattern at the top of the move that played out nicely once again. Kind of unusual to see 2 H&S patterns like that in the same day on the same time frame. Value over lapped lower and vpoc shifted lower.
(Trade plan) So first off i completely forgot that it was options expiration Friday. I did realize it just before the open though but couldn't update it in my pre market post. The OPEX would account for all the movement today in the market which was very nice to have. I was expecting higher value and we got lower. The bigger picture is still intact and bullish but it could change at any time. I had a type O this morning i meant to say we are trending lower on the mid time frame and just in a range on the daily. Over all my trade plan is meant to be dynamic and i change as the market conditions change. What i say in the morning doesn't have to happen it's just what i think is likely to happen and is meant as an exercise for developing my market reads and feel.
Trades review: (Hypothetical) See 5 min chart with black circles.
(Actual)
1st trade: see trades chart for break down
Conclusion of the day and thoughts going forward: Today i felt really comfortable trading other than work issues which will more than likely persist until these massive projects are finished within the next 6 months. Hopefully i will be able to leave by then. I think i followed my plan well. There was a few more trades i could have taken but the ones i saw i think i handled well. I should have been more aware at IBH instead i was waiting for a move up int the resistance area. Either way i sat there and watched that walk right past me. I had a really good read on the markets today especially at the IBH area. I was expecting a full rotation to retest the lows because of the OPEX today and the way the market was setting up at the top there. We had good rejection sticks on the 15,30,60 min charts.
Grades:
Following my plans: A
Following my rules: A
Trade execution: B
No comments:
Post a Comment