End of day review 6-6-11 Monday

Trade plan and Price action review: (Price action) I didn’t have enough time to do a morning trade plan but I had a basic idea of what I was looking for today. The selling continued today with ES opening below value. The responsive buyers tried to push back up into the previous day s range but sellers were active pushing Es back down to new lows at the 1290-1292 area. Buyers were active and ES bounced back up to the 61.8% retrace level where the previous day’s lows were at as well. The market ranged for a little bit and sellers jumped back in to push ES to new lows breaking the IBL and closing below the day’s value and shifting the vpoc down to the lows and closing at the vpoc.

(Trade plan) No written trade plan today.

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

(Actual)

1^st trade: (Technical) I took a long at 1292.00 after the market seemed to have bottomed for the time being. We traded down to the 1290-1292 level and bounced from there. Es failed to make a new low and started moving up. The entry was a little late but the risk was still within my parameters. So I took the trade. Logical target was 1295 previous day’s lows for 3 points.

(Emotional) I felt good about the setup but I feel I chased it a little bit which I did. But the risk was still ok. I did take a little heat but was prepared to get stopped out.

(Grade) C entry was a little early.

Conclusion of the day and thoughts going forward: Today was a little hectic. I was late getting to work and couldn’t get set up in time. I had a major blow out with my boss and I may be moving to trading full time sooner than I thought lol. Life is funny the way it throws curve balls at you. Just when you think you have it all planned out some ass hole messes something up and you get blamed for it and then the F-you’s start flying with your boss. Any way I’m not too worried about it I think it’s time for a change…

Grades:

Following my plans: A

Following my rules: B      A little bit of a chaser trade today.

End of day review 6-3-11 Friday :)

Trade plan and Price action review: (Price action) ES opened below value on the NFP release and buyers were active pushing ES back up into the previous days range lows. Sellers were active and ES had a PB into support level 1299-1301 and the 50% retrace as well and we trended higher making new highs. ES hit the 1309 trend line from a few day and we sold down from there breaking the days uptrend line and breaking back below the IBH which was a red flag for buyers. ES rotated all the way back to the lows and closed at the low tick of the day which is bearish considering the current context we are in. The day was balanced and we closed at the lows of day’s value and below vpoc.

(Trade plan) My trade plan was waiting for the NFP release and going from there. So I was just going to plan the day from there.

Trades review: (Hypothetical)

(Actual)

1^st trade: (Technical) I tried a short at my resistance area 1304.50-1306.00. I entered at 1305.25 looking for a short back down into the range (IB). Buyers were still active and pushed up to 1307.50 and i was stopped at 1307.00 for -2 points. Technically it looked good but i think i need to work on my timing a little bit. I obviously bought to early because the market ticked off that level after the buying dried up. Momentum was up on the 5 min chart as well so no need to look for shorts just yet. There was no sign of sellers yet. We also had a big VB div at the level. -2 points

(Emotional) At first i felt little bit like i was rushing into the trade. And i obviously did. I need to not fell like im going to miss something and let the market tell me when to pull the trigger. Currently the market reversed off that level and is at 1303.50 back below IBH...

(Grade) F Bad timing

2^st trade: (Technical) I went short on a break back under IBH and the 1303.50 level that formed. I was a bit early so i added 2 more on the retrace keeping the stop the same. So i was willing to risk a little bit more on the add. My risk was a around $300 but i was expecting a rotation lower. We got the initial move but there was bullish news from the ECB that caused a little bit of a move up. So i got out of 3 for +2 points and took BE on the forth. +2 points

(Emotional) I felt i was early once again and i was so need to work on that issue. It all a matter fear. Fear of missing something so i need to try and remove that from my trading.

(Grade) C +

3^st trade: (Technical) The market was in a uptrend and we hit the 1309 trend line and globex vpoc. The session was having a hard time trying to hold above the previous day’s lows. So when the uptrend line broke I took a retrace back into the TL. I’m only upset that I only took 3 points out of this move but it was still a nice trade. ES broke back below the IBH and a rotation to the lows was in the cards at that point. I almost got filled at 1302.25 for 4 points but it bounced a tick in front of my order. I had to go outside so I just took 3 and stuck to my plan.

(Emotional) I was a little hesitant on selling in front of the IBH but I felt good about a rotation lower so I took it.

(Grade) A Execution was perfect just needed to hold a few minutes longer but still good.

Conclusion of the day and thoughts going forward: Today was a lot better than yesterday trade wise. I only had 3 trades and still made the same as I did yesterday. I ended the week up and it feels great. I think I just need to keep doing what I’m doing with my journaling and reviewing Etc...

Grades:

Following my plans: A

Following my rules: B

Emotions in check: C Still dealing with fear of missing something and it forces trades

Pre market analysis 6-3-11 Friday :)

News: NFP @ 8:30AM, ISM non Mfg @ 10AM

Trade plan and Price action analysis: (Price action) ES balanced in yesterday session building a P shaped profile with most acceptance at 1312 area. Yesterday ES took a dive down after putting most of its value at the top of the mornings range. The move lower was to find the buyers and they came in around the 1305.50 area as expected. We bounced from there closing in value on the day. Globex has balanced over night but placed value on the lower part of yesterday value. This is slightly bearish but we are at the bottom of this move and a likely place for buyers to hold their ground and try and put together another rally attempt. Globex move up was capped by the 1312 level and yesterday VPOC and the down side shut off at 1305.50 once again. We have a small bounce right now (7:30AM EST) and i will monitor this throughout the morning and into the NFP number. Update.. The number is alot worse than expected and we traded below the 1305.50 down to 1298 area.

(Trade plan) With NFP out today i plan on waiting to see the market's reaction to the release at 8:30AM. In the case of a bearish reaction we could trade below the 1305.50 key level and in which case i will be looking to get short on any PBs into my resistance areas below. I would need to see the market trade below that level for a little bit to confirm the break. In the case of a bullish reaction i will be looking to be a buyer on any PBs into support as i am expecting buyers to be active down at these levels and above the 1305.50 area. Yesterday was a short covering day on the lows at key support so buyers are active around here.

End of day review 6-2-11 Thursday

Im going to try and get these out quicker but some time its hard with the job and all. So some times i have to do it at home and then i still find it hard to find the time.

Trade plan and Price action review: (Price action) ES opened at the lows of yesterday range and the price action was pretty jumpy for the first hour. We traded down to the 1307-1309 level of support and bounced from there back up to the 1317 area then pulled back into the 50% retrace and went for a stab at the IBH. Sellers were active there and we got the full rotation back down breaking IBL and testing the 1305.50 level where buyers were active. After a few small rotation ES broke back above the IBL and buyer were active on any PBs as they tried to push back up into the IBH. Sellers were still active and we rotated back down

 (Trade plan) I was expecting a balanced session today after the big move down and the NFP number tomorrow. So my plan was pretty much right on with the markets action today. We balanced mostly in the IB.

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

(Actual)

1^st trade: (Technical) I tried to get long here on a FB of the previous day’s lows. We popped back above the level and I got long and was quickly stopped out for – 6 ticks. A short here would have been better. After it broke down it retraced up to that area where I had a level, so selling 12.25 was the ticket.

(Emotional) I felt like I was trying too hard on this trade because I clearly jumped the gun and tried to get long. I was obviously trading with fear of missing out here.

(Grade) F-

2^nd trade: (Technical) This time I got short on the move back up into that same level and I took a scratch because price wasn’t acting correct for me. Good call because I would have been stopped out.

(Emotional) I think on this one I was better on executing and I was quick to scratch and both were the correct thing to do. I forgot why exactly I scratch. Tomorrow I’m going to keep better per trade records throughout the day so when I review at the end of the day I’m not drawing a blank.

(Grade) B-

3^rd Trade: (Technical) On this trade I took a little break on the loser this morning and got my head straight. I walked through the set up with my friends in the chat room and took a long based on the buying that came in and rejection below the 1313.00 area off the lows and the 50% retrace PB into my level. The trade was clean and nice with minimal heat.

(Emotional) This was my best feeling trade all day. I took my time and analyzed it nicely and pulled the trigger and took 3 points.

(Grade) A+

4^th trade: (Technical) Market tested the highs and sellers were active in front of the IBH so I took a short on a technical break and little retrace. This was the trade to look for more points on because of the probabilities of a IBL test was high. But I stuck to my trade plan and took 3 points on first and 4 on second which was more than my set target of 2 points so good trade.

(Emotional)I felt really good with this trade. My analysis was spot on.

(Grade) A+

5^th trade: (Technical)Market was breaking down and we broke the IBL so I took the quick retrace and was only targeting the 1305.50 level as i felt the market wanted to test this area so it was a likely place to close the trade.

(Emotional)I was a little nervous selling so low on the day and after the big move we already had but I took it any way and was glad I did. Just need to be cautious on trades like this because they can fly up in your face quickly but I had momentum behind me.

(Grade) A

6^th trade: (Technical) Market bounced off the 1305.50 level as expected and I went long with target at IBL which was good. The only problem is that I should have held for more as it was likely the market would test back up into the range. See 15 min chart.

(Emotional) I felt good on this trade because I was confident the bottom was in for the time being and the risk was on the short side.

(Grade) A

7^th trade: (Technical) Now here’s where I get stupid and start taking stupid trades that eat into my profits. I tried a short at 50% retrace and previous day’s lows. The buyers had stepped in and we just came off the 1305.50 level which was significant. The buyers were in control of the market and the context wasn’t saying to get short just yet. A better short would have been the test of the 1311.50-1313.50 level I had on the chart. Over all the buyers were active on any PBs so selling right in that spot wasn’t good risk control I needed to see more of a stall in price and a reaction from the sellers before trying a short on a move controlled by the buyers.

(Emotional) At the time I felt good about this trade but I was also still on my high from this morning. As the market moved against me I started to realize that I was wrong but I wanted the market to take me out and it did lol.

(Grade)F

8^th trade: (Technical) Thank you sir may I have another!!! This one seemed ok because we failed at the highs on the move up so I was looking to get short for a move lower. I took a short of the trend line break but buyers were active on the other side. At the time the market was driven by news of ECB stuff and Greece. I should have checked the wires to see what was happening so im chalking this one up to not paying attention. The set up and context looked good other then the market not testing the IBH before moving lower. At the time the book was thin which was a sign traders were on the side lines for the moment.

(Emotional) I felt good on this one and I liked the set up I think it was just because of the news releases out at the time

(Grade)B

Conclusion of the day and thoughts going forward: I was a little off guard this morning but was able to get back in the saddle. Over all I think my trading was good. I should have locked in some more profits on the day but hey what can I do … I m still learning. I did do to many trades today also. I had 8 trades today and I think I should have had only 4 at the most so I over traded a little today but still ended the day up.

Grades:

Following my plans: B

Following my rules: B