End of day review 6-30-11 Thursday

Pre market analysis 6-30-11 Thursday

News: Chicago PMI @ 9:45AM

Trade plan and Price action analysis: (Price action) ES traded higher yesterday and closed at the highs of the day. Globex has placed value higher up on the previous session showing that the buyers are still in control. Globex highs were capped by the 1308 CVPOC area. This area is a key level and i will watch it closely.

(Trade plan) With the buyers still in control i will focus on the long side at support today. We could get a test of the CVPOC and a PB from there to find the buyers before moving higher. We are also at an important area because of the bigger picture still being in a down trend. So i will be cautious.

End of day review 6-30-11 Thursday

Trade plan and Price action review: (Price action) Market opened above value and sellers pushed down into the first support area (trend line) and the buyers pushed back up into the highs. We had a small PB and a move higher. The moves up where getting weaker and weaker and the IBH along with the 1314.50-1316.50 level capped the up side. We had a PB into the 38% retrace and we chopped for hours. EOD we had a push up into the highs once again and this was meet with sellers rejecting prices above the IBH and the 1314-1316 level. The market closed at the highs and at the top of value. The recent move up seems to be fueled by short covering and could run out of steam soon.

(Trade plan) Today my focus was on the long side at support areas and that's what i focused on. My pre market plan was in line with the markets actions today.

Trades review: (Hypothetical)

(Actual)

1^st trade: Type of Set up: PB into support

(Technical) Market had strong buying come in and i was focused on the long side today. So i bought the first PB into the 1310.75-1312.00 area and the low vol areas from the move up around 1310s.

(Corrections) looked good but perhaps i should have waited for a min longer to get a better price around the low vol areas. I traded with the buying so it was a high prob trade considering the context Etc...

(Emotional) I felt confident taking this one. I was a little nervous on the PB as i almost was stopped but felt good about the overall plan for that trade.

(Execution Grade) C Could have pin pointed a little better.

(BSO Points) +3 points

Conclusion of the day and thoughts going forward: I was patient and i had a plan and i followed it. Thats the trick to trading if there is just one trick. Have a plan and have a developing plan that is laid out along the way.

   Today is the end of the month and also end of the 2nd quarter and i have posted my pnl for the 2 periods. Im up for both periods but not as much as i would like to see. For June i was off to a great start but my emotions and work capped that off a little bit. I did well for the quarter, again not as much as i would have liked but i am still making good steady improvements in my trading compared to last year. And thats what keeps me going. The fact that i make any kind of progress is the light at the end of my tunnel of being a consistent trader. Next step "size increase"

BSO Points for the day: +3

Winners: 1

Losers: 0

Scratches: 0

Grades for the day

Following my plans: A

Following my rules: A

Emotions in check: A

Good job for me today

End of day review 5-31-11 Tuesday

Trade plan and Price action review: (Price action) ES opened above value and sellers were active pushing ES back into Fridays value highs where buyers were active and pushed ES back up into the highs of the day for a full rotation. Price action today was painfully slow and choppy. It was certainly not a good trading environment at least for me. If anyone else saw any opps please let me know where i was wrong at. There was a good long at support at Friday highs and i was at lunch when this happened so no go for me.

(Trade plan) The news releases didn't give any real action today and the big gap up didn't give any good opps as no volatility came from the move higher. I was expecting responsive sellers to be active and they were but they took their sweet ass time doing it. My focus was on the long side today at my support areas and the 1333-1334.50 area was good for a long. I wasn't expecting the market to make it down to the globex lows at 1330, we bounced at the 1333 level. So over all my plan was in line with what took place in the market today.

Trades review: (Hypothetical) Good long opp at 1333.00-1334.50 area. And another good long to join the rotation back up at 1337 double bottom at support.

(Actual)

1^st trade: I had one short today at 50% retrace of move down. This was counter to the context. So i wasn't gonna hold it for long in the chop. i was looking for a quick reaction of at least a few points and then was looking to get long at the 50% retrace of the little move higher from the lows. The market only pulled back to the 38% retrace and honestly i couldn't stand the chopping so i went out side. the trade was a BE scratch.

Conclusion of the day and thoughts going forward: So the market unfolded the way i expected today and i personally didn't see anything worth trading other then the long at support and the PB at 1337. I feel like i did well following my plan and i didn't get to anxious while watching the market chop around. If i were at my computer at lunch time im sure i would have taken the long at 1333s.

Grades:

Following my plans: A

Following my rules: A

Trade execution: C should trade with the context

End of day review 4-29-11 Friday

Today i didn't have any time to do a morning post but i still liked the market on the long side on PBs into support. We didn't PB into any support levels other than yesterday upper value area and i didn't have any levels there that i liked. I tried a short at 1357 into my level after the move lower and retrace back up. I ended up scratching t5he trade because it wasnt following through and i didnt want to sit in the chop. It was a good call as the market continued to climb higher all day making new highs on the year once again. Buyers are still in control and sellers are no where to be found. It will be interesting next week to see how the market moves. My expectation is we go higher but lets see what unfolds instead of guessing. Here is my EOW PnL and EOM PnL as well. NJot much profit but at least im making a come back from this DD im in. Lets see if i can pull it back up and be positve for the year by the end of May...

End of the day review 3-31-11 Thursday

Ok so ES balanced in a range all day which was expected with NFP out tomorrow. We stayed between the pre market support and resistance levels all day so good job on the levels today. im still expecting globex to balance as well.

   I had 2 trades today 1 st was a short this morning at around 1325 off of trend line and globex highs area. 2 nd i scratched to early because i talked myself out of it. Something i need to work on. When im in a trade i need to understand the context and the probabilities of the trade. And if i agree with them then i need to allow the trade to pan out. If it doesn't look good then get out.

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.

End of day Review 1-28-11 Friday

Well as expected the market sold off in a hard way. I had the expectation of a complete rotation to test the lows of the week at 1278 area because of the neutral weekly IB (see Thursday 1-27-11 end of day review post) . We have been trading around the top of this range most of the week and we were building out value for a few session so i was expecting a break out but GDP wasn't that great and i think that's what the market was waiting for. Consumer sentiment came out a little better than expected and the market reacted well at first trying to make new highs and there was no initiative activity above the range highs so this was the golden ticket that the market was waiting for. Then the responsive sellers were more than willing to sell the crap out of it giving us a clean long liquidation type day closing at the low tick of the day.

1st Trade I took this trade on the back of the momentum that was entering the market. I wanted to sell higher up at 1294 area which was an area of small support that turned into resistance on the break but i was pulled away due to having a full time job. So when i got back to my seat i saw the market down another 6 points and break globex lows where i got short i had first target at 1286.75 for 3 points and second at 1283 for 6 points. But the market started bouncing and i had to go outside to check on something so bailed for 3 on the second one. Damn i wish i held it longer LOL. All kidding aside 1278 the 1275 were the real targets i had in the back of my mind and both were hit without a problem. As i get to increase my size i will be able to target take off a couple for 2 or 3 points and have extended targets for the rest. Because i know that one of the keys to trading is to maximize your profits. Remember the old saying "let your winners run and cut your losses short" well that is so true and it is crystal clear today.

2nd trade: I took this trade after ES made it low for the day. And i remember Kevin taught me that you don't want to go long after and big trend down until you se the market chop around for a while indicating a change in trend. That along with a few other things is what got me long for 2 points. My target was 4 points at 1278 which market hit my order but didn't fill so i locked in 2 and moved on.