End of day review 6-29-11 Wednesday

Pre market analysis 6-29-11 Wednesday

News: pending  home sales @ 10AM

Trade plan and Price action analysis: (Price action) Yesterday saw ES trend higher but in low volume. We closed at the highs of the day with strong buying coming in at the end of the session. Globex has since traded higher over night with the 1302-1304.50 level capping the upside as of now. Globex value is established way above yesterday's session showing that the buyers are still in control.

(Trade plan) Didn't have time to finish this morning but i was looking for longs into support areas.

End of day review 6-29-11 Wednesday

Trade plan and Price action review: (Price action) Market opened and traded down to support area where buyers were waiting. They pushed the market up into the globex highs area where we had some divergences. ES poked above the 1304 globex and was meet with sellers and we broke lower below the channel line that had formed and sold down to the 61.8% retrace and the 1297 level I had on my chart. There were also a few other confirmations to get long there as well.

(Trade plan) My trade plan was unfinished this morning due to work once again. But I was looking for opps to buy support. I wrote down in my plan after the open and after the buying came in off of that 1293 level that I was looking for a move up to 1304 and if we failed there then I was looking for a deeper PB into support to get long. That played out exactly like I said. I just wasn’t around to be ready for it.

Trades review: (Hypothetical)

(Actual)

1^st trade: Type of Set up: trend line break

(Technical) Market topped out at 1304 globex highs and resistance level and made a lower high signaling it was looking like a rollover was coming. I missed the first two opps for a short so I took the 3 rd which was late and it was a break below the IBH

(Corrections) be around for the better opps lol

(Emotional) I was comfortable with this trade because I knew what I was getting into and I was keeping the risk tight.

(Execution Grade) A for the area I was looking at but a F for missing the move.

(BSO Points) BE

Conclusion of the day and thoughts going forward: My biggest problem is not being able to watch the market all day so I can be ready for these opps when they arise. I will keep doing what im doing for now as I feel like I have gotten my confidence back.

BSO Points for the day: 0

Winners: 0

Losers: 0

Scratches: 1

Grades for the day:

Following my plans: A

Following my rules: A

Emotions in check: A

End of day review 5-27-11 Friday :)

Trade plan and Price action review: (Price action) ES opened above the value of yesterday and buyers were active on the open. They pushed ES up a few points into the 1331-1333 resistance area and sellers pushed back down to 1327-1328.50 support and yesterdays highs where buyers were once again active. I was long here but got scared out of the trade and took a BE scratch. ES shot back up into the resistance level and we tried to break above the IBH but responsive sellers were active pushing ES back into the day's range where we chopped for the rest of the afternoon which was expected because of the extended weekend. As of writing this ES is at 1329.7 @ 2:15PM.

(Trade plan): So i said that because of the holiday weekend that we could just chop around after the news release and that's exactly what we did... Nothing. I was expecting support to be bought on any PBs and the buyers were active at the 1327-1328.50 level yesterday highs. I wanted to see more of a PB into the globex lows area but the reaction at the first level is a bullish sign that the buyers are in control. So over all my analysis was correct and my expectations played out accordingly.

Trades review: (Hypothetical)

(Actual)

1^st trade: I was long at 1327.25 and i got scared out of it for some reason. Not quite sure why but i remember that it was all emotions that was driving that decision. I started looking for reasons to get out instead of reasons to stay in and the reason i decided to take the trade in the first place. 

2^nd trade: I took a short at 1332.75 because we were trading into resistance at 1331-1333 and 60 min trend line. Buyers gave it one last push and we had div on ticks and VB so i took it as i was expecting a balanced session anyway. I was shooting for 3 points to catch the rotation down but buyers were active at 50% retrace which is where i should have exited in the first place so i ended up taking 6 ticks on it.

3rd Trade: I sold the trend line in this choppy market for +2.5 points and got out at 61.8% retrace of the lows on the morning. It was a good straight forward trade and a nice way to end the week.

Conclusion of the day and thoughts going forward: I did well today but so so for the week. I was able to tell we had a different type of trading market this week after that big gap down on Sunday night. We mostly chopped around in the beginning and had small limited moves mostly in this balance area. We broke out of the balance area and the market started moving a little bit more which was a relief. I was only down a 100 bucks for the week so not so bad. I'm realizing that once a trader gets comfortable with the technical aspects of trading that it's just a matter of overcoming ones emotional waves of highs and lows. When you're doing well you are filled with positive emotions and you get a little bit to confident and then bam you get knocked back a few steps. And when things are going bad you never feel like you will get back up on top. Its these waves of emotions that cause a trader that is still learning to have the swings in their PnL. Trading is about staying level headed and not letting the highs get out of touch with reality and not letting the lows keep you from having the motivation to get back up again.

Grades:

Following my plans: C

Following my rules: B

Trade execution: C

Pre market analysis 5-27-11 Friday :)

No post last night i just didnt have the time. Down day for me anyway. im going to have to start doing my analysis at night again because i just dont have the time ion the AM at work. I mean doesn't work start at 8AM ... So why does the boss think that because im here at 7AM that he can just get me to start doing shit before 8AM. Maybe i should do my pre market analysis at home in the AM. FML at work lol

News: Personal income @ 8:30AM , consumer sentiment @ 9:55AM, Pending home sales @ 10AM

Trade plan and Price action analysis: (Price action) Yesterday action saw ES move higher off of the 1313 cvpoc area and breaking the highs of the previous day. This is bullish short term and im expecting higher prices to follow as the bulls are back in control of this market. Globex has placed value higher up on yesterday giving us a bullish macro structure. The 1330 level held on the up side and the 1324 level held on the down side.

(Trade plan) We have a few news releases out today that could provide some movement in the morning. Today is the Friday in front of a holiday weekend and we could just chop around after the initial reaction on the release. With the overall price action the past few sessions im expecting support to be bought and on any PBs. We have the 1323-1324.50 level which is also globex lows and i expect buyers to be there on first touch a break below that could bring in a fast move down to the 1318.1319 level were i still expect buyers to be active. Im bullish above the globex lows area at 1323 very short term and bearish below the 1313 area. Over all i will focus on the long side into support areas.

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 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.