End of day review 7-11-11 Monday

Trade plan and Price action review: (Price action) ES gapped down on some negative news from EU last night and we saw some follow through to the down side in today’s session. ES opened below value and responsive buyers were active pushing ES back up into the 1324.50-1326.50 level where sellers were active pushing ES down into the globex lows area where it broke below and we had a small retrace and the selling continued. ES tested the 1315-1317 level that broke at first but then was bought back up pretty quickly. We popped back above that area and found resistance at the vwap and the LVN left from the morning sell off. Sellers pushed back down making new lows. ES had a small bounce back up to the DTL and the 1317.25 intraday level that formed. Sellers were active pushing ES down to new lows once again. The market went into chop mode and the selling shut off at the 1310.75-1312.50 level where buyers closed the market back up into the IBL. Value shifted lower and the VPOC was established at 1315. Sellers are in control at the moment.

(Trade plan) I was expecting a mostly balanced session today and we somewhat trended lower instead. It wasn’t a big trend day but still lower highs and lower lows make a trend down day. The sellers were able to keep the market below the 1328 area that I outlined in the AM. Buyers were active at the support areas below on the way down as I expected.

Trades review: (Hypothetical)

(Actual)

1^st trade: Type of Set up: Break and retrace.

(Technical) The sellers were in control in the globex session and we got the break and retrace to go with the trend move from the O/N session.

(Corrections) Im struggling with holding for extended targets right now or taking profits at reasonable areas. I know I need more points but I still think that consistency is more important.

(Emotional) Felt good taking this trade. I liked the set up.

(Execution Grade) B- I was a little early.

(BSO Points) 2.5

Conclusion of the day and thoughts going forward: Like I said above I think it important for me to stick with taking my first profit targets instead of trying to get the Hollywood trade every time. I think its better while im on less than 5 lots. If I were on 5 lots I would exit 3 lots for the 2-3 points and go for extended targets with the last 2 lots.

BSO Points for the day: 2.5

Winners: 1

Losers: 0

Scratches: 0

Grades for the day:

Following my plans: A

Following my rules: A

Emotions in check: A

Pre market analysis 7-11-11 Monday

News: No news release today

Trade plan and Price action analysis: (Price action) Last week Es mostly saw range bound trade. The NFP gave the market a big down day in the premarket release and the day session balanced with buyers in control closing the market on the highs. On the daily chart we could see a little bit of a PB to find more buyers. Globex session has traded lower showing that the sellers are getting more active.

(Trade plan) Sellers have started stepping in to the market in the overnight session but we are still inside the recent balance area that has formed at these highs. With no news release the expectation today is for a balanced session with buyers and sellers active at the S/R levels. The sellers want to see the market below the 1328-1330 level to remain in control. Im looking at this little bit of selling as a PB in the bigger move up and expect buyers to be active at each support area below. 1305 is the 50% retrace of the big move up and i expect buyers active there as well.

End of day review 6-20-11 Monday

Trade plan and Price action review: (Price action) Globex had a bearish structure but the general market wanted higher prices. ES opened at Fridays lows and we tried pushing up into the profile of Friday. Buying came in early in the session telling me that buyers were in control. We pushed up into the MCVPOC at 1266 and had a small PB to the OSH at 1264.25. Buyers were still active and in control on the PB and we had a second push up into the 1268.25-1269.25 level which broke and became support for a 3 rd push breaking the highs and testing the 1271.25-1272.75 level. We broke above the 1272 area and finally stopped at previous day's highs and the 1275.25-1277.00 level on my chart. And went into a chop mode for some time. There were no good opps after touching the previous days highs from what i was able to see.

(Trade plan)I was expecting buyers to be active down here and we got them today. Although they were not very aggressive. I was expecting the market to balance today and after the move up at around 2:00 pm we pretty much balanced for the remainder of the day. We took out globex highs and the market went higher as i was expecting. Over all my morning trade plan was in line with the market but i didnt really follow it. I have to start having more confidence in my morning plan because that is where all the prep work is done for the day.

Trades review: (Hypothetical)

(Actual)

1^st trade: Type of Set up: retrace to vpoc

(Technical) The market opened at the lows of previous day, buyers stepped in and the market was having a hard time moving up at the time. So we broke down a little bit and i took a short on the retrace back into the 1266 level. I was up almost 2 points before the market reversed and went back to my entry. I had the feeling that i should have took the BE but i stayed in and was stopped for - 6 ticks

(Emotional) I wasn't to sure about the trade. I think i was more concerned with riding a short down for a rotation instead of reading the market and try and figure out what it is trying to do. With the buying that came in from the open buyers were in control and we are at the lower balance area so short were risky. I should have kept it tight and scratched both for BE instead of one lot.

(Execution Grade) F entry was good but the read was bad. I should have been looking more for longs or did nothing because the market is dead at the moment.

(BSO Points) -1.50 points

2^st trade: Type of Set up: reversal trade at resistance

(Technical)The market seemed to have stalled out and was testing my 1272.50 level. Which was a los a 60 min trend line on the higher time frames charts. There was a nice VB div also and a few other things that helped me to take the trade. The market ticked back up above the HOD and stopped me for - 6 ticks. The buyers are still in control and i had no business selling the HOD. I need to tighten it up or this will be a long and miserable week for me.

(Emotional) I liked the trade at first but when it spiked up i didn't like it that much anymore lol. I need to stop selling the top and just be patient. The market is controlled buy the buyers all morning and the context is bullish. So why fight it. Just wait for PBs to get long into.

(Execution Grade) F The entry was good but the trade idea was bad. I needed to put more thought into the trade idea before committing to it.

(BSO Points) -1.5 points

3^st trade: Type of Set up: pull back in uptrend

(Technical) Market had been moving up in a nice uptrend all day i had support at 1272.50 area so i bought 1273.00 and was stopped out on a little push down into 1271.50 it took me out right to the 6 tick stop and then began to chop around. We had a previous swing high at 1271.50 so i should have used a 2 point stop and at least i could have gotten out at BE.

(Emotional) I jumped into this trade after getting back to my computer and seeing the market had ticked off a little bit. I was trying to get long with the trend but i should have gave it a few minutes before jumping right in.

(Execution Grade) F perhaps i should have waited for better trade location. At least i was trading with the trend.

(BSO Points) -1.50 points

Conclusion of the day and thoughts going forward: I don't know what happen today with my trading. I wasn't feeling it so i cut back to 1 lot instead of 2 and it was a good call. I still think a lot has to do with work because i always feel like im not ready to trade in the morning after cash open. I need time to get comfortable with my plans and areas to trade for the day. Today went straight up with minor PBs and then the market went to sleep for a while. We only traded 1.4 million contracts today which is a little on the low side. The market seems to be stuck in an over lapping value area that is building out on the daily chart. I think once we get out of this area we will see some better trading. The only question is when will we move out of here. I noticed my morning plan was a good guide for the trading for the day. I need to re-read it before i  start trading for the day to review my expectation on the open.

BSO Points for the day: -4.50 points today

Winners: 0

Losers: 3

Scratches: 0

Grades for the day

Following my plans: C

Following my rules: C

Emotions in check:  D

Pre market analysis 6-20-11 Monday

News: No news release out today.

Trade plan and Price action analysis: (Price action) Friday was OPEX and we established value in the lower end of the recent balance area but higher on the past few sessions. Globex has placed value lower down on the fridays session giving a bearish tone to the market this morning. The globex profile is b shaped telling me that the majority of the market likes the lower prices.

(Trade plan) With no news catalyst out today and tomorrow the FOMC meeting begins i am expecting a balanced session to take place. We are in a balance area from 1252.50-1294 area and currently the market is trading at 1258. We area at the bottom of the balance area and the expectation is for responsive buyers to be active down here. With globex lower value i will be cautiously looking for longs at the lows and will be expecting a possible break down. If we do break down then i will look for opps to sell resistance. In the case be move higher the market would need to get above the globex highs level in order for me to look at long opps more aggressively. If ES can manage to trade above and hold the 1262 area i will be expecting higher prices and a break and hold above the globex highs will tell me that the market wants higher prices.

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