End of day review 6-17-11 Friday :)

Trade plan and Price action review: (Price action) Market opened above value this morning after the big move up in globex session. Responsive buyers stepped in and sold ES down to support area below on my chart. We ranged and built out a triangle pattern that broke down. There were reaction at the IBL and my levels on my chart and the buyers finally stepped in at1263.50 which was gap fill and the uptrend line on the higher time frame. Es bounced up and made a higher low which was a sign that there was more upside possibly to come. Sellers were active at the retest of the previous day’s lows and vwap. We sold down and broke the lows at 1263.50 but buyers were active below this area as we pushed down into my 1261.75-1263.25 level which was yesterdays vpoc and the daily PP. ES closed below the IBL but value was placed higher up compared to yesterday.

(Trade plan) Today was OPEX and we had a few reversal moves as expected. Even though the day was a selling day my focus was still on the long side and this was a good plan going into the day. There were a few good opps to get long at support and buyers were active at support as expected. As I stated in the morning plan I was also looking for short opps at resistance levels. There weren’t really any selling opps at my resistance areas but there were a few trend lines that could have been sold. Overall my plan was in line with the market expectations today and would have provided a good guide to the day’s action.

Trades review: (Hypothetical) See 5 min chart and 15 min chart with black circles.

(Actual) No trades today.

Conclusion of the day and thoughts going forward: I was very busy with work once again today and didn’t have any time to really get comfortable with the market. So being it was a Friday and OPEX I didn’t really try and trade today. I didn’t place any trades today at all as a matter of fact. I think that with work getting busy it is the best thing I could do for now. I must keep balancing work and trading and I have to favor work unfortunately. Im break even for the week which is ok because I had a lot of work issues that caused me to miss trades that I lied and out lined in my morning trade plans during the week.

BSO Points for the day: 0

Winners: 0

Losers: 0

Scratches: 0

Grades for the day:

Following my plans: A I didn’t have any time to trade today

Following my rules: A  I didn’t take any trades out of haste

Emotions in check: A  I let trading take a back seat while I was busy with work.

Pre market analysis 6-17-11 Friday :)

News: Consumer sentiment @ 9:55AM, leading indicators @ 10AM

Trade plan and Price action analysis: (Price action) Yesterday saw ES spike up and down in a volatile session. It is OPEX week so the moves weren't a surprise. ES tried to make new highs from the lows of the balance area but sellers were to strong and we sold off down to retest the lower balance area where responsive buyers were active pushing ES back up into the days value area. Globex has now traded higher building acceptance up around 1273 area. So the control is in the buyers hands.

(Trade plan) Being that we are in a balance area and buyers are in control from the bottom for now my focus will be on the long side. Today is OPEX and we could have a volatile session again. We have a few news releases out after the open and we could get some movement from that so i will be waiting for them to hit the market. Over all i will be on my toes today and will focus on the long side at my support areas but will also look for selling opps at resistance.

End of day review 5-19-11 Thursday

Trade plan and Price action review: (Price action) The market opened above value giving us an OAOR open type. The day traded back into the upper part of yesterday's session and found support at the globex lows 1334 area which was a key level from yesterday. The new release came out and was bearish with all reports worse than expected. We sold down to support at 1338 and bounced there for a small rotation up into the previous day's highs which was a great area to get short and look for follow through to the down side. The market went lower down to the 1334 GL area and bounced a few points and then went into a chop. During lunch buyers came in and pushed ES back above the previous day's highs where we ranged for a bit offering a few good trades there. We broke down below the 1339.75 intraday level and had a nice retrace back to it and then a move lower bouncing off the 1337 mcvpoc back up into the close of the day. Value shifted higher vpoc also moved higher.

(Trade plan) So for the most part my plan played out as i expected. I was caught a little off guard this morning when the selling came in and i was looking to play longs. I was looking to buy support and was looking for higher prices and value to shift higher which it did.

Trades review: (Hypothetical) See 5 min chart with black circles.

(Actual)

1^st trade: See the trades chart. It's a mess lol.

Conclusion of the day and thoughts going forward: Not exactly sure what happened today. I think it started with the people coming into my office and asking me all kinds of questions taking me away from my market concentration. I was in some good trades that i kept second guessing myself on. I would get in and the scratch and the go opposite direction then scratch. No clue. Any way i was able to pick up the pieces and end the day up which was emotionally important to me. I need this week to be good for me because well, its about time lol. I have put in a lot of time and i need to start to see it pay off which i believe it finally is.

  Im starting to see what people mean by you trade yourself in the market. Trading is 90% emotional and 10% technical. And the results show in you PnL. My PnL is a direct reflection of the way i feel when im trading. If your PnL is in a down trend and you don't know why it's because you haven't identified the emotional causes of the reason for the down trending PnL. Take a step back and ask yourself some serious questions. And try and find the reasons that your are consistently losing. Then take steps to change the issues that are causing you to fail.

Grades:

Following my plans: D

Following my rules: C

Trade execution: D

Pre market analysis 5-19-11 Thursday

News: jobless claims @ 8:30AM, Philly fed survey @ 10AM, Existing home sales @ 10AM, Leading indicators @ 10AM.

Trade plan and Price action analysis: (Price action) Yesterday we trended higher back into the balance area from the past few weeks. So the recent push lower is a range extension of the same balance area. Buyers were in full control yesterday and are still in control in the globex session. ES traded down to the 1334-1335 level last night where buyers were active and they pushed up into the 1343-1345 area where we are currently pulling back from. We do have another bullish macro set up where globex value is established higher on the previous days value area. There are a few econ release today that could give a catalyst for a move in either direction.

(Trade plan) Being that we are back in the bigger balance area and bulls are in control my expectation is for higher prices. But it depends on the market's reaction to the news releases out at 8:30 and 10AM. Im expecting support to be bought today and i will be cautious on selling resistance areas. I will only be looking to take shorts for smaller rotations because the rend short term is up but we can still get rotation down. Im not expecting another trend day today but we should move higher and value should establish higher as well. Key areas are the globex highs and the 1348-1350 level above it. I will wait for the open to see who is in control.

End of day review 4-21-11 Thursday

The market was a dud today. There was one opp for me to get long into support like i had planned out this morning. It was shortly after the release at 10AM when we sold down to the 1327.50-1329.50 level and found responsive buyers active. I unfortunately had to go outside again due to work issues. An after that the market was nothing but chop so there was no opps to do anything. I believe due to continued earnings release and holiday weekend (markets closed Friday). So this ends the week and next week will be a new one. And will be the last week of April. So let's see if i am up for the week and see if i can end the month up. Have a good holiday weekend to whoever is reading this if anyone at all lol...

Pre market analysis 4-21-11 Thursday

News: Jobless claims @ 8:30 AM, Philly fed survey @ 10AM, Leading indicators @ 10AM

Trade plan: Yesterday i had to go to pick up wife from airport so i couldn't do an end of day review. But ES mostly consolidated in a range between my 2 levels at 1323-1325 and 1327.50-1329.50. The market is obviously waiting to see how the company's report this week. And from the results most earning have been pretty good. The market is reacting well from the releases and im still expecting more upside this week, possibly even breaking the highs of the year. Globex has been moving higher all night and has tested the highs of the year. Buyers are in full control and i expect any sell offs into support to be bought and so i will be a buyer at my support levels. I will also be cautious on the long side up here as this is an area where responsive sellers can be active especially after a move up like the past few days. This is why i want to be a buyer on pullbacks into support. The risk is on the long side up at these levels.