End of day review 2-15-11 Tuesday

So today wasn't a good day for me partly because of work and myself. I didn't get to computer till after 10:00AM and i got a little jumpy and got into a trade to early. That cost me 2 points. Then i got back in which was the correct thing to do but my entry was off and i got stopped again. Then i tried to get short again and took a break even on that one and good thing because market went up. The market balanced again today and tested the 1320-1322 level and went higher from there. That's where i wanted to get long from and i should have waited for my level top trade before i put on a trade. My problem today was i didn't follow my plan and i was distracted with work. But i don't want to blame work alone. I should have followed my plan more importantly. Let's see what tomorrow brings.

Pre Market Analysis 2-15-11 Tuesday

News: Retail sales @ 8:30 AM, Empire state Mfg Survey@ 8:30AM, Business Inventories @ 10:00AM

Daily chart notes: We are still moving higher on the daily making new highs again on the year. The big rising wedge is still in play and hasn't broken the trend line yet. Yesterdays vol was really light and we still made new highs so caution up here is needed.

MP Notes: Sunday and Monday were perfectly balanced sessions and globex is in value with the past two session leaving us with a neutral macro structure. Friday broke out of the balance area making new highs on the year so the bigger picture remains bullish with buyers in control. This picture can change pretty quickly tho so cation needs to be taken on the long side.

Trade Plan: ES had a balanced session yesterday as expected. We are consolidating above the previous balance area which is good for the bullish context. We have a rising wedge that may play out on the daily so i will be cautious on the long side as support areas might break on the way down to find more buyers. Im still looking for the first test of the previous balance area high and will look for long opps there. If we break the 1320-1322 level with momentum i will look for a small pullback to get short off of for a quick trade. If we get back below 1320 we could see lower prices down to around 1316-1314 then possible 1310-1308 this would be an extreme and i expect selling to shut off by then. I am only going to concentrate on the long side at the previous balance area highs around 1320-1322 area. If we break the highs i will wait for value to build before playing the long side above the yearly highs. To have a heads up of the first signs of weakness we need to break globex low and see how price trades at 1320-1322 area. A break below 1320-1322 is a red flag for buyers.

End of day review 2-14-11 Monday

We had an OAIR open type. Today was as dull as it gets... There have been no opps for any kind of trades for me. I was expecting a balanced session today but this was to balanced. Let's see what tomorrow brings.

No Trades for me today:

Pre Market review 2-14-11 Monday

News: No news release today

Daily chart notes: ES is still in an uptrend and we just had a small pullback that sent ES up into new highs on the year for Fridays session. The trend is still up.

MP Notes: Last week was a small range week which saw ES break the highs on Friday closing above established value for the week. Fridays session saw ES put in a p type profile which is indicating short covering at the extremes and Sunday globex saw ES put value in at the top of Fridays value giving us a macro structure so far. Over all ES has been establishing value higher up and we could still go either way.

Trade plan: ES broke out of the small balance area we were in last week on Friday. We have been building higher up and buyers have been in control for some time now so there is still no reason to fight the trend. I expect support to be bough this week unless some bearish news comes out. For today we have no notable news releases so im expecting a balanced session especially after making new highs on Friday. With ES in a bullish structure i will be looking to buy support. The first level i like is the 1320-1322 level which is the top of the previous balance are from last week. I expect buyer to be active here on the first test of this level. A break below that area will be a red flag for buyers and a test of 1316 below will be likely. Below that we have the balance area POC at 1316-1314 area where i expect some rotations. For the up side i will be looking for short opps at the 1329-1331 level as im expecting a balanced session but i will still be cautious of a possible break out and continuation of the trend. Over all my concentration will be on the long side and i will be looking to sell above value. Also worth noting ES has been going up on light volume and is in a big rising wedge pattern on the daily. We could see a push down on the daily time frame so i will also monitor this if it develops. 

End of day review 2-11-11 Friday :)

No trades today

WE had an OAIR opening type this morning. ES went higher in a trend type day today. We opened above globex and didn't test any support and buyers moved in right away and the market never looked back. We didn't get any pullbacks into support until lunch time and i was out for lunch. The market pulled back into 1320-1322 level which was also 38% and 50% retrace area which is a good trade set up for going with a trend type day. So no trades for me today. But i am still up for the week (see PNL pic) The market has made new highs on the year and that was expected due to the bullish context. I stayed out of selling resistance at 1320-1322 because of the bullish context. That is a great example of how watching the context and not set ups will help a lot in trading. Before i would just wait for set ups and i would have sold that level without even thinking twice. But now that i have incorporated context into my trading it helped me to pick my trades more wisely and not get caught up in just looking for set ups. So i continue my journey next week and hopefully will not get side tracked to much with work. It is very difficult to try and trade while working at the same time. I constantly have to step away from my computer or i will not be able to complete my pre market analysis before market open. But hey i have to give when i have to because the truth of the matter is i get to spend a lot of time on the computer to learn how to trade while i am at work. And i get paid a nice 6 figure paycheck to do it lol :) Tonight I'm going to the beach for the week end and will clear my head and enjoy my wife and dogs. Till next week...

Pre Market analysis 2-11-11 Friday :)

News: Consumer sentiment @ 9:55AM

Daily chart notes: ES has been pulling back the last few days as expected this week. The pullback has been light and every dip has been bought so need to keep bigger picture in mind. The trend is still up.

MP Notes: ES has been consolidating in the recent balance area of 1310-1322 this week. Yesterday's session saw ES trade down to 1310-1308 level of support and bounce from there. We have a neutral weekly IB and it seems to be playing out. Yesterday ES closed at the top of value on a p shaped profile indicating short covering at the bottom of the range at support which confirms the area and the neutral weekly IB. Globex session has placed value lower down on yesterdays value giving us a slightly bearish macro going into today's session. Over all we are still range bound and need to look at the extremes.

Trade plan: Today we have consumer sentiment out at 9:55AM. I will wait to see how the market reacts off of this report and go from there. In the case of a bearish reaction i will look at 1310-1308 level and look for responsive buyers there. If we take out that level i will be looking at 1304-1306 level where i expect selling to shut off and will be looking for longs back up into resistance areas above. In the case of a bullish reaction i want to be a buyer at support level 1310-1308 or above 1314.50-1316 level. If we break the highs i will wait for value to form above the highs and look for a retest to get long at. Over all we are balancing in a range and i will look to play the extremes. We have strong support at the 1310-1308 level and i expect buyers to still be active there.