End of day review 3-14-11 Monday

ES opened above Fridays value then found resistance around the 1292-1294 area. We traded lower down to support at 1281-1282.50 and bounced from there. i was expecting ES to trade higher today but we traded below the 87-88 level and confirmed sellers are in control. This left the door open for a move lower. We found support at 1281-1282.50 area and the market chopped along that level for a little bit. We traded back up into the bigger range forming value all around the level. So i looks like we have a range extension. Im still expecting the market to trade higher this week but i will be cautious of a move downward. Im expecting globex to trade above 1287 and no higher than 1298

1st trade: I was short at 1285.50 and ended up scratching. The reason for the short was we moved lower below key 87-88 level and stayed there for some time. As soon as ES moved back up in to resistance i was waiting there to sell. I scratched because we were chopping around for sometime at support and had strong buying back up into resistance. The trade was good for 2 points but i wanted to keep risk tight so after a point in front i went to break even.

2nd Trade: I took this short after i took the 1st trade. I don't know why i took it because on the first trade i scratched for a good reason and i went and tried to short again at the same level. My mistake.

3rd trade: This trade i took because i was looking for longs and we pulled back to trend line and level support. The reason was because we traded back above the key support level so i was looking for longs.

Pre Market Analysis 3-14-11 Monday

News: No News releases today

Daily chart notes: The major trend line was broken last week indicating that the trend up may be changing. ES also has been forming lower highs which may mean that we are starting a new down trend. We have been in a consolidation area and broke down but quickly reversed back up into the range. We are currently retesting the bottom of the uptrend line.

30 Min chart notes :The 30 min chart has been trending lower recently and has started some ranging type action in globex session. We are still in a range on the higher time frame and I'm expecting ES to move higher.

Trade plan: ES has had a big move up on the daily time frame and has recently been trading in a big range. On Fridays session we found responsive buyers active at the open on the lower extreme of the range (1287-1288). ES has built value back above 1288 level and globex has formed value above that level as well. The expectation today is for ES to move higher. The key level for ES to stay above is the 1287-1288 level. If this area breaks i expect a test of support levels below and would confirm sellers are in control. If we hold above that area then i expect a test of the 1305-1307 area which is a back test of the major uptrend line and resistance area on the composite. A break above that will lead to a test of the 1310-1312 key strong resistance area. Over all i will be a buyer at support and a seller at resistance at 1310-1312 and below. With no news out today we could have a balanced session. There is also FOMC announcement tomorrow and this week is quad witching. Be patient and wait for the market to set up in the morning before having a bias.

End of Day review 3-7-11 Monday

I was busy with work at the end of the day and didnt have time to put together a decent post. so i through this together at the end of the day.
1St trade: i tried long at 1320.50 we were at support and market bounced there so i was expecting support to hold. A rush of selling came in and i was stopped for 6 ticks. I couldn't catch the retrace fast enough so i let it go down. I felt pretty good about taking a long here not sure why it didn't work out. but i was stopped and now looking for a pullback to join the move lower. After reviewing this trade a little bit more i can see the we ranged off the open and then broke to the down side. So i should have been looking for a retrace and short type trade instead of getting long especially after retesting and failing back at the bottom of the balance area.

2nd Trade:  I tried a long at 1311.50 at support on my 30 min chart. I was obviously trying to pick the bottom and should have known better. My bad... Lesson learned. The market has been trending all day no need to try and pick the bottom.

3rd Trade: Tried a long and was stopped. I had my stop to close because the trade ended up working pout after 5 ticks of heat. I had 5 tick stop lol. Got to love rookie mistakes.

Pre Market analysis 3-7-11 Monday

News: Consumer credit @ 3PM

Daily chart notes: Daily chart has been in a range recently. I still need to be mindful of a continuation of the bigger up trend.

MP Notes: Fridays session moved lower initially and then moved back up into its value area high and closed there. Globex placed value slightly higher up giving us a balanced session going into today's trading. Most of the volume has taken place higher up on the range.

Trade plan: We are in the middle of the recent range and globex has been balanced. With the lack of news catalyst out today im expecting the market to balance. I will wait for the market to set up is IB before taking any trades. Because i like to see where the sellers and buyers are going to make a stand for the session. We have a big VPOC area below the market around 1315-1318 area as long as we can stay above this im looking at a test of the top of the balance area around 1332 and then 1343. Be patient and relax.

End of Day Review 2-28-11 Monday

ES had a balanced session today trading from level to level offering some good trading opps. I unfortunately i missed the good runs. I still end the day up but not as much as i should have been. I guess a positive day is a positive day. So i am thankful for it. I see where messed up today and i will take note of it so i can adapt and get better in my trading. There is one good trade that i didn't get filled on but was the trade of the day IMO and that was long at 1320 area. I had my order in and market traded at my price but no fill. Over all im very happy with my levels and the change i made last week in how i get prepared for trading has been helping me to feel more confident before the market opens. Until tomorrow have a good night.

1st trade: I went short at 1328.25 after market hit resistance. I ended up  scratching for + a few ticks because this was a very counter trend trade, everything was pointing up and i only took it because we were chopping around and was looking for a rotation to the downside. I ended up getting out to early but that's ok i would rather be out instead of being in wishing i was out.

2nd Trade:  I took a short at 1325.00 1 tick in front of the 15 min double bottom after the move lower. I was correct in selling the 1328.75 level but didn't hold for the follow through. Then ES sold down to 1323.75 and i took the retrace short at 1325 to join the move lower. Unfortunately i was tied up with work and had to go outside so i move to BE and didn't want to let the trade play out without me watching it and i took the BE and went to  handle my work issues then went to lunch. The market did follow through after touching the 1326 resistance level so trade was a nice one, just work interfered with it.

3rd trade: I took a short at 1323.00 playing the down trend line and resistance area. I was stopped for 6 ticks on this one. I didnt really like it but i think i took it because i was bored and i missed the others. Not a good reason to trade. Any way the context was telling me to stay out of it after testing the 1319-1320 level.

4th Trade: I took a long after the trend line broke so i can join the move up. I had a 3 point target on this one because i believed a rotation back up to the highs of the day was in the cards. The market traded to my target and i didn't get filled so i settled for 2 points at 1325.25.

Pre Market analysis 2-28-11 Monday

News: Chicago PMI @ 9:45AM, Pending home sales@ 10 AM,

Daily Chart notes: The daily chart shows a PB in the bigger uptrend. We retraced more then half the move down and it looks like ES may be continuing the move up. I will monitor for buyers at support to continue the move higher. Unless we start to see some more selling come back into the market around this level it is likely to see ES trade back up to the highs.

MP Notes: Looking at the weekly profile ES has been moving the past week. We have recently turned back up and we are around 61.8% retrace of the move down. Looking at the profile we can start to range between 1292-1342. And looking at globex session today we are right in the middle of that range. So caution needs to be taken because we can really go in either direction. Most of the globex session put value in at Fridays session and has recently shot up to 1326-1327 level and is trading up and down there building acceptance at 1324.75.

Trade plan: ES shot up on Fridays session and spent most of the day around composite POC at 1319 area. The market is accepting higher prices and now globex has broken to the upside showing some strength in the pre market session. The plan is to look to buy pull backs into support and sell resistance at my levels. If we break below 1319-1320.50 level it would be a red flag for buyers. If 1315-1317 gives way i will be less likely to be a buyer at support because we mat test lower down to find support. Over all the market is in a tricky area and i need to be cautious in either direction. With ES opening above Fridays value we could get some buying right off the open or a gap fill.

End of day review 2-14-11 Monday

We had an OAIR open type. Today was as dull as it gets... There have been no opps for any kind of trades for me. I was expecting a balanced session today but this was to balanced. Let's see what tomorrow brings.

No Trades for me today: