End of day review 7-6-11 Wednesday

Pre market analysis 7-6-11 Wednesday

News: ISM non Mfg @ 10AM

Trade plan and Price action analysis: (Price action) ES has had a big up move last week and yesterday saw ES consolidate at the highs of the up move. Globex has traded to the highs of the swing area from the end of may at 1340.75 area where responsive sellers were active pushing Es quickly down to test the lows of yesterday at 1328s area. buyers were active stopping the down move but not moving the market higher.

(Trade plan) We have ISM at 10 AM and we could see the market balance before that release. With the market consolidating at the highs of the move up it shows the buyers are still in control. We can see some sellers getting active in globex session and we may see some selling today. But with buyers in control i expect any dips to be bought as buyers try and maintain control. Im expecting a mostly balanced session today depending on the news release. My focus will be mostly on the long side and i will look for short set ups as the market shows its hand. I will also watch the open swing to gauge the control off the open. Short term bias is 1328.00.

End of day review 7-6-11 Wednesday

Trade plan and Price action review: (Price action) ES balanced inside the recent range with the buyers still in control. The market opened and we ranged off the open as the market waited for the news release at 10AM. After the release we drove down but with the lack of conviction in the market the area below the globex lows was rejected and buyers came in quickly to push the market back up. We had a small PB into the 1328-1330 area that acted as a spring board for buyers to reload and take the market back up into the top of the range at the 1335.75-1337.00 area where responsive sellers were active. Es rotated back to the IBH area and the intraday support that formed at 1332. We chopped the rest of the afternoon and into the close. Value built out with acceptance at 1334.50 and buyers in control closing at the highs of the day.

(Trade plan) The market balanced before the news release as expected. The sellers were active in the morning as i was expecting to see some selling today and i was also expecting the buyers to buy the dips to maintain control and that's what we got above the bias level i outlined this morning (1328).

Trades review: (Hypothetical)

(Actual)

1^st trade: Type of Set up: PB into support

(Technical)We traded above the IBH and the buyers were in control. So i took a long at the 38% retrace and the IBH area. Trade resulted in a BE because market missed my target by 1 tick. By the time i got back it was only up 1.5 points so i let it ride.

(Corrections) Looked good to me.

(Emotional) I felt confident about this trade. Except for the fact i had to go out side.

(Execution Grade) B was a tad early

(BSO Points) BE

Conclusion of the day and thoughts going forward: My biggest issue is not being around for the opps that the market is giving me. Whether the opps that i see are good trades or losers is not relevant. Because if i take a trade and i get stopped out i don't have the opp to break it down and see what i did wrong so i can learn from it.

BSO Points for the day: Flat

Winners: 0

Losers: 0

Scratches: 1

Grades for the day:

Following my plans: A

Following my rules: A

Emotions in check: A

End of day review 7-1-11 Friday

Havent had time to do a morning post

Pre market analysis 7-1-11 Friday

News: consumer sentiment @ 9:55AM, ISM Mfg index @ 10AM, Construction spending @ 10AM

Trade plan and Price action analysis: (Price action) Yesterday saw ES Trade higher continuing the big move up from the balance area last week. We shot up and consolidated the rest of the day holding the gains from the morning. We closed a P shape day with buyers in control. Globex has traded inside of yesterday value showing that the bullish sentiment has held overnight. There are a few news release out after the open that could give some movement on the release.

(Trade plan) With the neutral to bullish macro this morning and the big move in the past few session ES could just balance for the day. There are a few news release out after the open and this could give the market a catalyst to move but im still expecting a mostly balanced session today. Also it the friday before a long week end. Buyers are still in control and i will focus on both the long and short side today depending on how the open sets up. Im still expecting buyers to be active at support but im also expecting the market to start to PB so will be cautious at support that is close to the top areas.

End of day review 7-1-11 Friday

Trade plan and Price action review: (Price action)Market opened and shot up on the release of the news out at 10AM. This sparked some short covering and drove the market up into the 1336 area. We had no PB into support just a parabolic move up.

(Trade plan) My plan called for a balanced session mostly and we got the opposite. We grinded higher with no PBs and really low volume. I was still looking for longs into support but as mentioned we didnt get any PBs to trade off of so i mostly sat out.

Trades review: (Hypothetical)

(Actual)

1^st trade: Type of Set up: counter trend trade at resistance.

(Technical) market was moving up fast and we seemed to be stalling at resistance. I knew this was counter trend but i also was looking for a reversal at some point today.

(Corrections) dont counter trend unless everything is perfect.

(Emotional) I knew inside it was a bad idea but i took it any way. I figured we were at resistance so i gave it a go.

(Execution Grade) F

(BSO Points) -1.5

2^st trade: Type of Set up: retrace back into IBH

(Technical) Same old set up except that the market is in denial lol. It keeps wanting to go higher.

(Corrections) Traded this one good

(Emotional) was a little uneasy because of the uptrend in place but i kept it tight.

(Execution Grade) A

(BSO Points) BE

Conclusion of the day and thoughts going forward: Today was totally unexpected. I have never seen 4 trend up days in a row. This type of market action is rare and we should see some balancing soon. Any way i feel like im back on top again. I have a grasp on my emotions and i have been waiting for the good trades this week. I have only had 6 trades this week because that's all i have seen and i was away from my screen a lot. Im anxious to trade next week and keep my routine going.

BSO Points for the day: -1.5

Winners:0

Losers:1

Scratches:1

Grades for the day:

Following my plans: D

Following my rules: F need to trade with the trend

Emotions in check: A

End of day review 6-30-11 Thursday

Pre market analysis 6-30-11 Thursday

News: Chicago PMI @ 9:45AM

Trade plan and Price action analysis: (Price action) ES traded higher yesterday and closed at the highs of the day. Globex has placed value higher up on the previous session showing that the buyers are still in control. Globex highs were capped by the 1308 CVPOC area. This area is a key level and i will watch it closely.

(Trade plan) With the buyers still in control i will focus on the long side at support today. We could get a test of the CVPOC and a PB from there to find the buyers before moving higher. We are also at an important area because of the bigger picture still being in a down trend. So i will be cautious.

End of day review 6-30-11 Thursday

Trade plan and Price action review: (Price action) Market opened above value and sellers pushed down into the first support area (trend line) and the buyers pushed back up into the highs. We had a small PB and a move higher. The moves up where getting weaker and weaker and the IBH along with the 1314.50-1316.50 level capped the up side. We had a PB into the 38% retrace and we chopped for hours. EOD we had a push up into the highs once again and this was meet with sellers rejecting prices above the IBH and the 1314-1316 level. The market closed at the highs and at the top of value. The recent move up seems to be fueled by short covering and could run out of steam soon.

(Trade plan) Today my focus was on the long side at support areas and that's what i focused on. My pre market plan was in line with the markets actions today.

Trades review: (Hypothetical)

(Actual)

1^st trade: Type of Set up: PB into support

(Technical) Market had strong buying come in and i was focused on the long side today. So i bought the first PB into the 1310.75-1312.00 area and the low vol areas from the move up around 1310s.

(Corrections) looked good but perhaps i should have waited for a min longer to get a better price around the low vol areas. I traded with the buying so it was a high prob trade considering the context Etc...

(Emotional) I felt confident taking this one. I was a little nervous on the PB as i almost was stopped but felt good about the overall plan for that trade.

(Execution Grade) C Could have pin pointed a little better.

(BSO Points) +3 points

Conclusion of the day and thoughts going forward: I was patient and i had a plan and i followed it. Thats the trick to trading if there is just one trick. Have a plan and have a developing plan that is laid out along the way.

   Today is the end of the month and also end of the 2nd quarter and i have posted my pnl for the 2 periods. Im up for both periods but not as much as i would like to see. For June i was off to a great start but my emotions and work capped that off a little bit. I did well for the quarter, again not as much as i would have liked but i am still making good steady improvements in my trading compared to last year. And thats what keeps me going. The fact that i make any kind of progress is the light at the end of my tunnel of being a consistent trader. Next step "size increase"

BSO Points for the day: +3

Winners: 1

Losers: 0

Scratches: 0

Grades for the day

Following my plans: A

Following my rules: A

Emotions in check: A

Good job for me today

End of day review 6-29-11 Wednesday

Pre market analysis 6-29-11 Wednesday

News: pending  home sales @ 10AM

Trade plan and Price action analysis: (Price action) Yesterday saw ES trend higher but in low volume. We closed at the highs of the day with strong buying coming in at the end of the session. Globex has since traded higher over night with the 1302-1304.50 level capping the upside as of now. Globex value is established way above yesterday's session showing that the buyers are still in control.

(Trade plan) Didn't have time to finish this morning but i was looking for longs into support areas.

End of day review 6-29-11 Wednesday

Trade plan and Price action review: (Price action) Market opened and traded down to support area where buyers were waiting. They pushed the market up into the globex highs area where we had some divergences. ES poked above the 1304 globex and was meet with sellers and we broke lower below the channel line that had formed and sold down to the 61.8% retrace and the 1297 level I had on my chart. There were also a few other confirmations to get long there as well.

(Trade plan) My trade plan was unfinished this morning due to work once again. But I was looking for opps to buy support. I wrote down in my plan after the open and after the buying came in off of that 1293 level that I was looking for a move up to 1304 and if we failed there then I was looking for a deeper PB into support to get long. That played out exactly like I said. I just wasn’t around to be ready for it.

Trades review: (Hypothetical)

(Actual)

1^st trade: Type of Set up: trend line break

(Technical) Market topped out at 1304 globex highs and resistance level and made a lower high signaling it was looking like a rollover was coming. I missed the first two opps for a short so I took the 3 rd which was late and it was a break below the IBH

(Corrections) be around for the better opps lol

(Emotional) I was comfortable with this trade because I knew what I was getting into and I was keeping the risk tight.

(Execution Grade) A for the area I was looking at but a F for missing the move.

(BSO Points) BE

Conclusion of the day and thoughts going forward: My biggest problem is not being able to watch the market all day so I can be ready for these opps when they arise. I will keep doing what im doing for now as I feel like I have gotten my confidence back.

BSO Points for the day: 0

Winners: 0

Losers: 0

Scratches: 1

Grades for the day:

Following my plans: A

Following my rules: A

Emotions in check: A