End of day review 5-23-11 Monday

Trade plan and Price action review: (Price action) Nothing really developed today price action wise. We gapped down below value and buyers nor sellers decided to make anything of it. We balanced all day establishing value lower down as expected just above the mcvpoc at 1311.25 area.

(Trade plan) The day established value lower down as expected and nothing else materialized on the day so i didnt place any trades.

Trades review: (Hypothetical) There was a long opp at support around 1309-1311 area during lunch time. And a short opp at resistance area 1318.50-1320.00 area. These trades were a little risky being we only  had a 6 point IB this morning

(Actual)

1^st trade: None today

Conclusion of the day and thoughts going forward: It is equally important to know whne not to trade as it is to know when to place a trade. Today was a good example of when not to trade especially comparing to the last few weeks of trade. If you were desperate there was a feww trade opps as stated above but the day was better spent catching up on some old paper work or looking busy at your job so you dont get fired lol. I choose to do both.

Grades:

Following my plans: A+

Following my rules: A+

Trade execution: N/A

Pre market analysis 5-23-11 Monday

News: No news release today

Trade plan and Price action analysis: (Price action) Fridays OPEX days had a bearish tone with value establishing lower and and the heavy sell off in the afternoon. We closed at the lows and below the day's value which was a sign of the move in globex last night. Globex has traded down to th mcvpoc at 1310.00 area. We have bounced from there and need to monitor how far we rotate back up.

(Trade plan) Without any catalyst today we could get a balanced session where we just place value lower down. Although the globex session is very bearish right now and on the cusp of breaking some significant levels. It is very possible that we get a gap and go type scenario and i will be watching for this. I will be watching the open to gauge who has control and see if we are going to trade lower today or balance. Depending on the open i may not be as eager to buy support but will be looking to be a seller if support breaks or opn PBs into resistance. If we start breaking above globex highs the bulls will have taken control back and i will expect higher prices if we can hold above it.