End of day review 6-8-11 Wednesday

Trade plan and Price action review: (Price action) ES opened below value and responsive buyers were active on the open. We tested back up into the lows of the previous day’s range and found the sellers active pushing ES back below the previous day’s lows and down into the 1279 area of support. Buyers were active there pushing ES back up to the HOD and breaking the IBH and testing the down trend line from a higher time frame. We moved back into the day’s range and chopped around the vpoc for a while. The day went into a small rotational type trade around the day’s vpoc. We formed a triangle and broke out of it later in the days to the down side testing the IBL and the 1277 area of support. I missed that area as support but was watching it throughout the day. Buyers were active there and we had a nice bounce back up and then a retest to the 1277 area. We broke it by a tick and buyers stepped in pushing back up into the day’s vpoc and testing the uptrend line from the morning session which was a sweet area to get short to look for a rotation and trend continuation back to the lows. It was a good 6 point trade. ES closed below value and at the lows again today.

(Trade plan)

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

(Actual)

1^st trade: Set up: break and retrace

(Technical) Market tested up then sold off so I took the retrace at previous day’s lows to join the selling.

(Emotional)I felt good about the trade because I was looking for a flush type move to find the buyers. My only issue is that I was a little greedy on the trade. I took one off for 3 points but let the other run and took BE on the second. 1279 was a very reasonable area to scale out or in my case close the trade because that’s what my plan is for now. When I get on at least 5 lots I plan on looking for runners. For now I need to build capital with the 2-3 points trades and get all out.

(Execution Grade)Execution was good. I only took a few ticks of heat and it followed through quickly.

Conclusion of the day and thoughts going forward: I had a lot of stuff going on today at work so I couldn’t follow the market very well today. The times I was able to follow along I was never able to stay long enough to watch anything follow through or to have a firm grasp on what was taking place.

Grades:

Following my plans: A+ because I didn’t do anything stupid today in the face of being busy with work. That was my issue back in March.

Following my rules: A+

Emotions in check: A+ All good in that area today. I didn’t feel any reason to “have to trade”

Pre market analysis 6-8-11 Wednesday

News: Beige book @ 2PM

Trade plan and Price action analysis: (Price action) ES has been in a down trend the last few weeks. Each session has been placing value lower down and the vpoc has been shifting lower as well. Yesterday's session traded most of its value in the upper part of the previous days session showing that the market wants to trade higher. Late afternoon the market broke down below that value and closed at the previous day's lows and closed below the day's value at the lows leaving us with a P shape profile. This type of profile is still considered a short covering day but the market sold off to find where the buyers where sitting at. Globe has still traded lower placing all its value below the previous days value. This gives us a bearish macro structure and means we may trade lower. I believe we are due for a bounce and that's just my gut feeling. I will not base any trade decisions off of that. I will trade what i see as it develops.  We are set to open below value and that could bring in responsive buyers.

(Trade plan) With the bearish macro structure in place this morning i will be looking for a test of the areas below. I expect responsive buyers to be active at support areas but will be cautious on longs. I also expect sellers to be act at resistance levels above. We have beige book out at 2PM so we could just have some movement in the AM and balance up to the release. Also we have a neutral weekly IB and im expecting areas to hold.

no post today

No post today. I got to work bright and early and the internet was out until 10:30AM EST. So i didnt worry to much about trading today. When the internet came back on i got set up and just looked for a solid trade or 2. I had one loser 1 break even and 1 winner. Ended the day up. The last trade i got +3 points on but should have held for more but had a meeting at 3 PM and had to close it out and leave screen.

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