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 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.

Pre market analysis 3-31-11 Thursday

News: Jobless claims @ 8:30 AM, Chicago PMI @ 9:45AM, Factory orders @ 10AM

Daily chart notes: We had a bearish candle at strong resistance yesterday. ES could be getting a little over extended up here and we may see a pull back. Volume has been dropping off as we move up as well.

Trade plan: ES gapped up and found support then traded higher throughout the day building acceptance at 1325.50. We are at a critical level for ES and it's a place where responsive sellers could step in. We have nonfarm payrolls tomorrow so we could get a balanced session heading into that report tomorrow. With that being said I will be looking for selling and buying opps at the levels on 30 chart. Globex traded in a small range heading into this morning open. We traded down to 1321.75 cvpoc and then back up to 1325.75 building acceptance at 1323.50. I have pre market resistance at 1325.50-1327.50 which is a key level and i expect responsive sellers to be active there. If we break above that there is strong initial resistance above at 1329.50-1331.50 and 1332.50-1334.00 and then the highs of the year. If we break above i expect the buying to shut off at the 1332-1334 area so i will be looking for selling opps at each level above. For the down side i have pre market support at 1319.50-1321.50 where i expect buyers to still be active. Below that i have initial support at 1317.50-1318.50 and then strong support at 1314.50-1316.00. If we start to sell off with momentum then i will less likely to take longs at the support areas and looking for momentum break and retrace trades as long as there is strong momentum in the market.