End of day review 6-24-11 Friday

Trade plan and Price action review: (Price action) Market opened up and completely took back all the gains from yesterday. This was possible going into the day because we opened above value and the b shape profile said the market was happy at the lower prices. The day turned into a trend type day and we kept putting in lower lowers throughout the day. Nothing has really changed this week as we are still inside the balance area on the chart (1253-1293).

(Trade plan) My trade plan going into the day was complete SHIT!!! It lacked focus and expectations. I need to outline levels where i can be bullish above or below and expectations if price goes one way or another. Not having the time in the morning has really hurt my routine and i can't get here any earlier than i am. I could start doing more at home after work but damn when will i ever have a life. I guess i have to make sacrifices for now if i want to get this shit going full time. I need to also have my developing trade plan going throughout the day as well. I have stopped doing it because of work and not having the time. I really need to keep doing that so i can keep developing my market feel and reads.

Trades review: (Hypothetical)

(Actual) Not gonna waist my time going over these trades. They were so bad that I would just prefer to forget them lol. Any way I tried to get long when I saw a perfect short on the first trade. On the second trade I tried a long again and was stopped. We weren’t even at the bottom… The third trade I tried a long again after we bounced off the bottom and I got in front a little bit but we reversed and I was stopped again. Man what a bad day. Hopefully that will be the worst of them for a while.

Conclusion of the day and thoughts going forward: OK so this week was my worst week in months. I did really bad this week and I can only conclude that I didn’t follow my rules. I didn’t analyze correctly and I took trades that I usually don’t take. I have no answer for the reason why other than my work issues. I don’t want to blame work and I’m not because ultimately it is my decision to pull the trigger. So that means if work is interfering then I have to recognize that and adjust my mindset accordingly. Will do better next week.

BSO Points for the day: -8

Winners: 0

Losers: 3

Scratches: 0

Grades for the day:

Following my plans: F

Following my rules: F

Emotions in check: F

Pre market analysis 6-24-11 Friday

News: GDP @ 8:30AM, Durable goods @ 8:30AM

Trade plan and Price action analysis: (Price action) Yesterdays new event around 2PM caused a lot of buying to come in and ES shot up to the 1279-1281 resistance area. Globex has traded higher initially hitting the 1285-1287 area of resistance but has since pulled back to the 1275 area MCLVN. There is a lot of news coming out of the EU so the market have been jumpy all globex session.

(Trade plan) Buyers have seemed to step back inside the market and we are still inside of the balance area of 1293-1253. With all the news coming out of the EU it's hard to have a bias going into the day. I will stay alert and wait for solid set ups if they occur. Im still expecting S/R to hold in certain areas. Over all i will wait to see how the market sets up before taking any trades.

Pre market analysis 5-26-11 Thursday

News: GDP @ 8:30AM, Jobless claims @ 8:30AM

Trade plan and Price action analysis: (Price action) Yesterdays price action was bullish as ES tried to put together a rally attempt. I will monitor todays price action for follow through. We still balanced in the same area so no real improve was made. ES did close back inside the range and at vpoc of balance area. Globex has traded higher retesting the balance area highs of the range and has since sold off a little bit giving me a mixed picture on the session. Globex has pretty much balanced in the upper part of the range. The 200 min chart show that this is a PB in the bigger uptrend and we could trade to the top of the channel we area in currently.

(Trade plan) We have GDP and jobless claims out at 8:30 AM and nothing out after the open of cash session. With the bulls in control of yesterday session and globex trading in the upper part of the value of the past few days we could get follow through today and shot for a rally by the bulls. If we take out the globex highs today we could see higher prices and i will be less aggressive on the short side. The 1327-1329 area would be the target of the move up and then the 1336 area above that. In the case we trade lower i expect buyers to still be active at the 1311-1313 area cvpoc. Over all im looking for support to hold and will focus on the long side into support areas. Out of time for now will be back at cash open.

End of day review 4-28-11 Thursday

So The session was balanced all day as i expected. Buyers were active at the first support area i had but i didn't want longs there in front of the 10AM pending home sales figure. I tried to catch a short after ES broke to new highs and couldn't bring in more buyers and broke back down below tha IBH at 1354 even. I had order at 1353.75 and couldn't get a fill. Perhaps i should have had order at 1353.50 a tick in front of the low of that consolidation area at IBH. Any way not sure that would have even filled. I like them kind of trades and i will keep an eye open for those more often. ES retraced back up into that same level where i took a short at 1354  for 3 points BSO. Buyers were all to happy to snatch that price up at 1351 area again and take the market up to new highs once again. So doing pretty good this week. And i feel pretty good as well. Just need to stick to my rules and be patient and wait for my trades to come to my pre determined areas. Context is key...

Pre market analysis 4-28-11

News: GDP @ 8:30AM, Jobless claims @ 8:30AM, Pending home sales @ 10AM

Trade plan: Market is still in a bullish context and structure and buyers are still in control. Im expecting buyers to be active still at support but only on pullbacks into support at lower levels. The reason is that sellers could just the market down to strong support at any time to retest areas below to find more buyers. Globex has been establishing value higher up and has since been trading down to yesterdays value area. So i will be looking for buyers on the open. We have pending home sales at 10 AM and we may balance before that. 

End of day review 3-25-11 Friday

Another up day. ES has been moving higher each day. I only had two trades today 1 winner and 1 loser. I should have listened to myself more closely on the first trade, I was a little eager in wanting to get into a trade and it cost me once again. The context and trend is bullish so selling resistance was a big mistake especially with the market internals so strong this morning. Second trade was a long at good support and i closed it for 1 point because i had to go. Any way another lesson learned. I didn't trade on Monday or Tuesday and half of Friday.

Pre market analysis 3-25-11 Friday

News: GDP @ 8:30AM, Consumer sentiment @ 9:55AM

Daily chart notes: ES has been posting some solid gains. And the expectation is for ES to trade higher if we can get above the down trend line around the highs of globex.

30 Min chart notes: The 30 min shows buyers are in control and we are trending higher.

MP notes: MP shows we are shifting value higher and higher. We have a bullish macro structure and the expectation is for support to hold.

Trade plan: ES has been in an uptrend for the most recent price action. Value has been shifting higher while we continue to build acceptance at higher prices. We had GDP out at 8:30 and there was no real reaction to the release. We have consumer sentiment out at 9:55 AM so we could see a balanced session leading up to the release. Over all buyers are in control but we are coming into some strong resistance areas where i expect responsive sellers on the higher timeframes to be active. We broke above the 1306-1308 resistance area in globex and traded between the 2 levels all night building acceptance at 1308.75. With the market being extended up so far the risk is on the long side of the market unless i look at PBs into good support. We have globex lows area with yesterdays vpoc there as well. If we break below that im expecting buyers to be active at each of the support levels below. Unless we get a heavy response to the down side from the consumer sentiment number i will be a buyer at the levels. If we start selling of quickly i will look for quick retrace trades to join the move but will be cautious for a snap back move. For the upside we have strong resistance above and i expect sellers to be active there but i will be very cautious because this would be a counter trend trade and everything must line up perfectly before taking the trade. Over all i will wait for the market to show its hand at the open to have a better idea of what to expect.