David Knight -Journal

This is a discussion on David Knight -Journal within the Trading Journals forums, part of the Reception category; Originally Posted by mike. Hi David, please feel free to join us bunch of professional spx analysts on the s&p ...

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Old Aug 23, 2017, 1:09pm   #9
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Originally Posted by mike. View Post
Hi David, please feel free to join us bunch of professional spx analysts on the s&p competition thread.

http://www.trade2win.com/boards/indi...17-prizes.html
Thank you for the invite
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Old Aug 23, 2017, 1:12pm   #10
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David Knight started this thread Short av 12451.5

Closed this trade at 2445

+6.5

Running -1.5

Will look to re short
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Old Aug 23, 2017, 1:41pm   #11
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Pre Market

David Knight started this thread over night range has not really broken the cash eqv high. The market should (in my estimation) pull back.

I still believe that at this particular point in the cycle,the aim is to confuse traders as to whether the correction is done or not. I think not.

But in that context, the problem is that we could get up to 2470 again (last week high) on the back of yesterdays rally which looked strong, but could just be deception.

I got out for now because there are gaps above over night so we could go to 2455 easily and it would be stupid to give back what I gained over night.

The plan last night was damage limitation since i was 8 points in the hole with 2 contracts. I have achieved that.

I am not happy with the trading I did yesterday. It was not a good example of patience and discipline.

IT's Always Tough To Be A Bear

At least I didn't compound the mistake by adding to what I suspected would be, and actually was, a gap and go day.. To be honest I hate going short. Always struggle more on the short side. Even in a correction it's tough to be a bear

If an early gap up shows no sign of weakness don't be bearish. Gap and go's happen . Do research on the probabilities to create your own worthwhile TA



Last edited by David Knight; Aug 23, 2017 at 1:47pm.
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Old Aug 23, 2017, 2:09pm   #12
 
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Trying to short what can be assumed to be a short-covering rally is always problematic. However, if yesterday's "rally" was in fact a short-covering rally, then there is little to no support below yesterday evening's high. For some, the best opportunity to short was at 0300 NYT today, but there may be other opportunities today depending on one's trading plan. Whether or not one goes long will depend on his assessment of where institutions see value here. And given that this cycle has been largely news-driven for months, notions of value have been and are difficult to determine.
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Old Aug 23, 2017, 4:07pm   #13
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David Knight started this thread When you look at where the gaps are on the chart and where price is it's difficult to predict short term.

Internal breadth is too balanced so there is no clue there (for me)
.None of this is exactly a trading signal or is it? Is it TA? I think it is.. The signal is 'no position'.

My instinct is that this wants to edge up for a while maybe trap some shorts. And possibly stay in a range frustrating everyone except HFT

When I don't have a position I ask myself if I would prefer one right now? I wouldn't because there is no edge at this point.

I marked my trade on the chart to put it in visual context. I don't regret covering. at this point..

Just have to be patient
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Old Aug 23, 2017, 4:25pm   #14
 
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Since you trade futures (no gaps), why are you concerned about gaps on the cash chart?
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Old Aug 23, 2017, 8:48pm   #15
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Originally Posted by dbphoenix View Post
Since you trade futures (no gaps), why are you concerned about gaps on the cash chart?
Have to be concerned during cash hours about cash gaps. The futures will go to the eqv level. What am I missing in your question?



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Old Aug 24, 2017, 1:37am   #16
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David Knight started this thread Entered an order to go short 2443 (it's currently around 39)

I think the next leg down may be starting..
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