Pre market analysis 5-11-11 Wednesday

News: International trade @ 8:30AM, Treasury budget @ 2PM

Trade plan and Price action analysis: (Price action) ES ended the day up as it built value higher with buyers in control. We took out an important level that confirmed buyers are in control (1351.50). The swing low has been put in at the 1325-1327 level last week and as i said buyers are in full control once again. I'm expecting more upside to come possibly even new highs on the year. Globex has established value higher up giving us a bullish macro structure.

(Trade plan) The plan today is to look to buy PBs into support areas. The buyers are in control and the focus will be on the long side. Shorts will more than likely be taken as scalps. But it depends on how the days unfolds in terms of price action and internals.

End of day review 4-12-11 Tuesday

Let's just say that my trading didn't go as planned today lol. I took a few trades that were completely not part of my plan that didn't work out and i took a few that were part of my developing plan that didn't work out as well. Not a good day for me but i did learn a few good lessons. I keep breaking my rules for one. So i have been keeping track of my rule breaking and will keep trading tomorrow according to my rules. One rule i keep breaking that just stands out to me is "Don't guess what the market is trying to do, Let the charts tell me." I keep trying to guess. For example: If the market bounces off a level and moves higher then i won't be looking to take a short at my resistance level because i say something to myself like " We bounced so that means the market must be going higher" and i won't take a short at my level as opposed to just having a plan and sticking to it. Like today i would have sold the bounce back into the 1311.00 level after it broke down below it. This is a serious issue i have to work on and i have just started noticing it the past few sessions. I will do a separate post on this.

Pre market analysis 4-12-11 Tuesday

News: International trade @ 8:30AM, Treasury Budget @ 2PM

Trade plan: ES recently has been in a range and yesterdays action saw ES break the lows of that range. We have been sliding lower over the past few session with value expanding wider. Globex has traded down to strong support at 1310-1312 and bounced there building out value and acceptance at 1312.50 which is the CVPOC as well. It seems that sellers have taken control over night and i need to see if they can manage after the open. My focus will be on the short side today and i will be looking to sell any rallies into resistance areas. I have pre market resistance at 1314.50-1316.50 and will be looking to sell here on first test. If sellers are to remain in control then this is the area where they need to step in. If we break above that it could be a red flag for sellers and a test of the 1319.50-1321.00 2nd pre market resistance area and globex highs will come into play. A break above that and buyers will regain control and i will be more cautious on shorting the initial resistance area up there. In the case of accelerated down side trade I will look for opps to join the move by taking a quick retrace trade otherwise shorts are risky down here. As for playing longs im not to eager to get long today until i see some reasons that the market is being supported at a strong level. The 1310-1312 Is a strong support area and is also pre market support on my chart we could get a bounce here if buyers are to try and regain any lost ground today below that we could get a quick move lower so im not looking for any longs really. We will be gapping down today below value so responsive buyer could be active at this area when we open. Or we could get an imitating move lower. Gap and go type open. Over all i will monitor the open swing to gauge how is in control.

Pre Market Analysis 2-10-11 Thursday

News: Jobless claims 8:30 , Treasury budget 2PM

Daily chart notes: We are starting to see some selling in ES and this can be viewed as a pullback in the bigger up trend. How deep the pullback will go is anyone's guess.

MP Notes: ES has been putting in value at the highs and yesterday's session has closed at the top of value. Now globex is trading lower testing the 1310 area which is the weekly lows. We do have a neutral week ly IB and can expect ES to rotate back up to the highs. With globex value forming lower we have a bearish macro structure.

Trade plan: I am kinda rushing this today due to work. I didn't really have the time to do good analysis so I'm going to be cautious today and wait for the opps to come to me. With ES trading lower in the globex session we have a slight bearish bias going into the day. I still expect support to hold and will be looking for long opps into support. I'm expecting 1304-1306 area to be bought on the first test. In the case of any buying i will stay bearish below 1313-1315 level if we get above that i will be cautious at the highs but will be looking for selling opps above value back down into support. Be patient and wait for the day to set up the range then go from there.