Pre market analysis 6-29-11 Wednesday
News: pending home sales @ 10AM
Trade plan and Price action analysis: (Price action) Yesterday saw ES trend higher but in low volume. We closed at the highs of the day with strong buying coming in at the end of the session. Globex has since traded higher over night with the 1302-1304.50 level capping the upside as of now. Globex value is established way above yesterday's session showing that the buyers are still in control.
(Trade plan) Didn't have time to finish this morning but i was looking for longs into support areas.
End of day review 6-29-11 Wednesday
Trade plan and Price action review: (Price action) Market opened and traded down to support area where buyers were waiting. They pushed the market up into the globex highs area where we had some divergences. ES poked above the 1304 globex and was meet with sellers and we broke lower below the channel line that had formed and sold down to the 61.8% retrace and the 1297 level I had on my chart. There were also a few other confirmations to get long there as well.
(Trade plan) My trade plan was unfinished this morning due to work once again. But I was looking for opps to buy support. I wrote down in my plan after the open and after the buying came in off of that 1293 level that I was looking for a move up to 1304 and if we failed there then I was looking for a deeper PB into support to get long. That played out exactly like I said. I just wasn’t around to be ready for it.
Trades review: (Hypothetical)
(Actual)
1st trade: Type of Set up: trend line break
(Technical) Market topped out at 1304 globex highs and resistance level and made a lower high signaling it was looking like a rollover was coming. I missed the first two opps for a short so I took the 3 rd which was late and it was a break below the IBH
(Corrections) be around for the better opps lol
(Emotional) I was comfortable with this trade because I knew what I was getting into and I was keeping the risk tight.
(Execution Grade) A for the area I was looking at but a F for missing the move.
(BSO Points) BE
Conclusion of the day and thoughts going forward: My biggest problem is not being able to watch the market all day so I can be ready for these opps when they arise. I will keep doing what im doing for now as I feel like I have gotten my confidence back.
BSO Points for the day: 0
Winners: 0
Losers: 0
Scratches: 1
Grades for the day:
Following my plans: A
Following my rules: A
Emotions in check: A
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