End of day review 3-4-11 Friday

It was a rough week my PNL was up and down a few times. I was busy with work so missed a few good trades today. I managed to end the week down only 100 or so. I learned a few things this week and i want to do a few post about them. But i have to run right now the beach is waiting for me. I will update later.

End of day review 2-18-11 Friday

So the market traded as expected by balancing in a range for the session. At the open we grinded higher into the resistance zone at 1342-1344 where i took a short for 3 points. The situation hasn't changed this week we continue to grind higher and higher on low volume making it a very difficult area to trade. Caution really needs to be taken here and a lot of discipline will keep you out of harm's way. Kev always told me cash is a position and you have to know when NOT to trade. And that is the most difficult part of trading. I had a bad week this week and dug myself into a unnecessary hole if i would have just not traded when i was having them issue with work this week i would have been fine. I did some stupid things and i paid for it. I didn't have to trade especially with me knowing there was nothing to trade with ES being so dead. So next week hopefully ES will be tradable and i will be able to get back what i lost and end the month up. I learned an important lesson this week. In trading you have to except that you will not always be up and when your down you can't let it get to you, once you do it begins to deteriorate your confidence and it seems like you will never be ok again and the end of the world is right around the corner. But this is when you have to dig in and really fall back on your discipline and stick to MM rules. If i was to take one more loser i would have gone on SIM this week till i was able to be confident again. I will see how i do next week and i will be careful and only trade when im not upset about work issues and when the market has something to do. All in all im still pretty new at the game and i know i have a lot to learn. So the journey continues...

1St trade: See trades chart.

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:

End of day review 2-11-11 Friday :)

No trades today

WE had an OAIR opening type this morning. ES went higher in a trend type day today. We opened above globex and didn't test any support and buyers moved in right away and the market never looked back. We didn't get any pullbacks into support until lunch time and i was out for lunch. The market pulled back into 1320-1322 level which was also 38% and 50% retrace area which is a good trade set up for going with a trend type day. So no trades for me today. But i am still up for the week (see PNL pic) The market has made new highs on the year and that was expected due to the bullish context. I stayed out of selling resistance at 1320-1322 because of the bullish context. That is a great example of how watching the context and not set ups will help a lot in trading. Before i would just wait for set ups and i would have sold that level without even thinking twice. But now that i have incorporated context into my trading it helped me to pick my trades more wisely and not get caught up in just looking for set ups. So i continue my journey next week and hopefully will not get side tracked to much with work. It is very difficult to try and trade while working at the same time. I constantly have to step away from my computer or i will not be able to complete my pre market analysis before market open. But hey i have to give when i have to because the truth of the matter is i get to spend a lot of time on the computer to learn how to trade while i am at work. And i get paid a nice 6 figure paycheck to do it lol :) Tonight I'm going to the beach for the week end and will clear my head and enjoy my wife and dogs. Till next week...

End of day review 2-9-11 Wednesday

We had an OAIR open type. And ES has moved up to resistance where i missed my short due to work. We moved lower with some momentum and sold down to 1313-1315 support. I wanted a long here but was waiting for the market to retest the lows which it did at lunch time so i missed this one because i went to lunch. ES continued to chop lower not offering any real opps to get long after trading back up to 61.8% retrace and then going back down to 1313-1315 level. We kept pushing lower in chopping trade showing the lack of conviction on either side. I didn't want anything long on the second move lower to retest the 1313-1315 level and glad i didn't because of the shitty trading action going on there. Im going to close up early because im done trading and i have to get home to my sick wife. So the charts will be missing the end of day trade from about 3:30 PM EST on.

No trades for me today...

End of day Review 1-27-11 Thursday

With ES trading at the top of the range which is the high of the year as well it made for really choppy session. The context is bullish and ES has been balancing since yesterday session and all day today. ES tried to break out a few times only to be meet with R. sellers. I had 1 trade today and scratched a few minutes to early (See trade 1). Over all ES is still bullish above 1290 area which is the bottom of this little range we are in. A beak of that would be a heads up of a possible move lower to test for more buyers or a possible trend change. We are still working with the balance area of 1296-1268 and have a neutral weekly IB and could see a full rotation tomorrow back down to the lows of the week at the 1278 area.

1St Trade: I took this trade because we are at the top of the balance area and was waiting to see responsive sellers above the range which we got when that figure release came out at 10AM. The market traded above then quickly rejected so i started looking for an entry for a short. I got into the trade and market started chopping and i ended up scratching for break even. In hind sight this was a bad idea because the market ended up going to my target of 3 points pretty quickly. Looking at the order flow on MD i realized that it still looked good and that would have given me the confidence to hold.

Review and analysis for Monday 1-24-11

Last week ES traded below key support at 1274 area and bounced off of the VPOC of that balance area below (1274-1258). Fridays session spent the day establishing value back into the range and making for a false break type situation. ES traded down to 50% retrace of the move also the lows in globex . So the expectation was for the market to trade higher if we can stay above 1274 area and we have been trending higher throughout the day. For the most part the market played out according to my expectations. The only problem was i didn't follow my plan this morning and i should have been looking to get long on that second test of the open which was in a support area. I

1st Trade: I took this trade on a test of the highs as resistance and the order flow died above that resistance. The trade resulted in taking a scratch. I think the reason was because it was bad trade location and i took some heat on it because of it. i should have stuck with my original plan and waited for the globex highs area which is the first resistance zone on my chart. This would have offered a better trade location and higher chance of seeing a rotation.

 2nd Trade: This trade was taken because the market got to my resistance area that i wanted to trade at. My expectation was for the market to move higher but i was also looking for opps to sell at resistance due to the expectation of a balanced market. I took a scratch on this trade after it got in front a point. I didn't see any follow through from the sellers so i tightened up my risk and bailed when i had the opp to do so. I only took a tick of heat on the trade so entry was good. I might have been better waiting for a better test of this area.

3rd trade: This trade was a break trade of an intraday support level. The market topped out at 1288.75 then traded lower and selling picked up as it broke the 1285.50 level. i waited for the retrace and got short. The market started chopping around and i decided to exit after being 1 point in front then bouncing back up to my entry. The market bounced right off the VWAP and the 50 % retrace of the move up on the day. This was the correct move i made cause ES popped back up. I guess this day was meant to close higher lol.