Pre market analysis 6-15-11 Wednesday

Was busy with work again. Not sure how long this is going to go on.

News: Housing market index @ 10AM

Trade plan and Price action analysis: (Price action) Yesterday ES gaped up and traded higher off the open. Buyers are stepping into this market recently. Globex has traded lower in the overnight session showing that the sellers are still active. We have established value below yesterday value area in the overnight session giving us a bearish macro structure so far. We are at the top of a balance area that started on 6/6 and it is possible that we get responsive sellers up here for a push back down to the lower balance area.

(Trade plan) The plan is to watch the open today to see who is taking control of the market. I’m expecting a balanced session today although we have the possibility of responsive sellers being active up here for a push back to the 1268 area. There is one news release out after the open that could provide some movement if it is way out of line so i will be watching that at 10AM. Over all i will be looking for opps at the S/R zones depending on the open. And i will be looking out for responsive sellers to be active up around the 1288 and the 1291-1293 area.

End of day review 6-14-11 Tuesday

Trade plan and Price action review: (Price action)ES opened above value after gaping up in globex session. Buyers were active pushing up into resistance areas and grinding higher throughout the day with a few PBs along the way.

(Trade plan) The focus was on the long side at support. We opened right at support and buyers pushed up and broke the globex highs area. We pulled back into the 50% retrace and the support level also the globex highs and buyers were active pushing ES back making new highs. There were a few opps to get long with the buyers toady. My plan seemed to be in line with the general market behavior today.

Trades review: (Hypothetical)

(Actual)

1^st trade: Type of Set up: Reversal resistance

(Technical)I was short at 81.25 and looking for the sellers to close the gap. This was counter to my analysis but the set up was clean it just didn't follow through to my expectations so i scratched for + 2 ticks.

(Emotional) I felt confident taking this trade. It wasn't ideal for my analysis because it was counter trend trade but the stars aligned so i took it.

(Execution Grade) A no heat and i was able to scratch without a loss

(BSO Points) +.50 points

Conclusion of the day and thoughts going forward: I still had some interference with work today so wasn't pushing my trading as much as i would have liked. There was a few opps i missed but I'm OK with it. My morning plan was in line with the market and i felt good going into the day. Just need more time to concentrate on trading without the work issues. But time will tell if i am on the right track.

BSO Points for the day: +.50 points

Winners:0

Losers:0

Scratches:1

Grades for the day:

Following my plans: C I traded counter to my pre  market analysis

Following my rules: A No issues there.

Emotions in check: A I didn't feel like i was missing anything today.

Pre market analysis 6-14-11 Tuesday

News: Business inventories @ 10AM

Trade plan and Price action analysis: (Price action) Yesterday balanced in a range and placed value in the same area as Fridays trade. We had one interesting development happen though. ES sold off and tried to break the lows of the previous day balance area and the market quickly rejected that push down and responsive buyers were active below and pushed ES back into the balance area. We were left with a P shape profile which is indicative of short covering. Globex has traded higher in the overnight session showing that buyers are in control for now. Globex has a P shape profile again and value is establishing above the previous 2 day balance area.

(Trade plan) With buyers stepping into the market my focus will be on the long side at support areas. The market is due for some kind of a bounce and i see signs of support holding. We have business inventories out at 10AM and could see some reaction at that time. We also have a few econ release out before the open that could give some movement also.

End of day review 6-10-11 Friday

Trade plan and Price action review: (Price action) Market gaped down and sold off. It was looking like a trend down day but we found support and bounced when the treasury budget was released at 2 PM. Sellers were active at the end of the day pushing ES down into the lows and closing there. Value established at the lows of the week.

(Trade plan) Kind of kicked back on Friday because the market sold off from the open and you are either on it or you watch it go. Although today wasn’t a trend day the open was exactly how a trend day usually starts out. Because of the quick selling off the open I wasn’t to eager to chase anything so I let it go and went to lunch. I was in the market on the short side on the break of globex lows at 75.50 but I scratched because I wasn’t prepared in the morning and I was out of sync with the market this week due to work. I will try and be better prepared this next week but like I said before I have to balance work and trading for now.

Trades review: (Hypothetical)

(Actual)

1^st trade: Set up: Break and retrace

(Technical) Market was moving lower so I took a quick break and retrace of an intraday level for + 3 points

(Emotional) Felt ok taking this trade. It was a little later in than day then I would have liked but the set up looked good and I was ready for a reversal.

(Execution Grade) C Just took it because it looked good. Not the best entry but still worked out nicely.

Conclusion of the day and thoughts going forward: This week was a little hectic due to a lot of interference with work. I usually don’t get distracted this much with work but this week was more than usual. Im going to start keeping track of my winners, loser, and scratches more accurately then I have been next week. I want to see how many points I make/lose a week and what my % of trades is. Then I will add them up for the week on Friday for a week review.

Grades:

Following my plans: B

Following my rules: A

Emotions in check: B

End of day review 6-9-11 Thursday

No time for the morning post + it was rollover so wasnt to eager to trade today.

Trade plan and Price action review: (Price action) ES opened in value and just below the days VPOC. Sellers pushed ES down into the pre market trend line and the market bounced from there into a trend day type movement. Market shot above the previous day VPOC and had a small PB into 80-81.50 support where buyers were active and pushed back above into the 83.75-85 level/ We had a small rotation back into the 81.50-80 level and popped up from there closing the NVPOC from a few days ago. ES chopped around there for a while.

(Trade plan) Didn't plan on doing much today because of work and rollover.

Trades review: (Hypothetical)

(Actual) No trades today

Conclusion of the day and thoughts going forward: Today was rollover so i wasn't to eager to trade. Also i wasn't able to be fully prepared this morning due to work. I have a lot of things going on that i have to tend to lately. i need to be able to balance work and trading right now because honestly I'm not ready to leave me job yet. As long as i can still put in a decent amount of time trading while at work then i will continue to do so. But if things change for me at work that doesn't allow me to trade then i will have to rethink my plan of action for trading and my job.

Grades:

Following my plans: A+ I didn't take any bullshit trades because i was bored or it was rollover.

Following my rules: A+ Same

Emotions in check: A+ Same