David Knight -Journal

This is a discussion on David Knight -Journal within the Trading Journals forums, part of the Reception category; Originally Posted by David Knight Buying @ 2495 Target 2502 Closed@2500 +5 Running +33 Order to buy @2490 I think ...

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Old Sep 25, 2017, 11:27pm   #106
 
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Buying @ 2495

Target 2502
Closed@2500 +5

Running +33

Order to buy @2490

I think it's likely to retrace before hitting my target
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Old Sep 26, 2017, 2:44pm   #107
 
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David Knight started this thread Short 2502

Stop 2504

Target 2495


Still interested in buying 2490
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Old Sep 26, 2017, 4:40pm   #108
 
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Short 2502

Stop 2504

Target 2495


Still interested in buying 2490
Looks like I missed my target by 1 tick

Covered@ 2497 +5

Running +38
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Old Sep 27, 2017, 3:25pm   #109
 
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David Knight started this thread Trading Plan

Really simple. I want cheaper prices or I'm not interested. Call me a diva. Call me old fashioned. Call me obstinate. Call me a chartist. Anything. I don't care, I want cheaper prices and maybe blue smarties in the green room.

2497 to start, hold the side order for now.
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Last edited by David Knight; Sep 27, 2017 at 3:31pm. Reason: Add Chart
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Old Sep 27, 2017, 3:57pm   #110
 
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David Knight started this thread LONG 2497

Target 2503


Call me long sighted... call me lucky I don't care. Now, about those smarties...
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Old Sep 27, 2017, 4:07pm   #111
 
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LONG 2497

Target 2503


Call me long sighted... call me lucky I don't care. Now, about those smarties...
The way I see it now is that SPX high is in BUT Dow high could get taken out...

If that is correct 2503 should be easily achieved.

However there should always be a plan B. That would mean (for me) adding lower, then lowering todays target.

Option 3 is I get to eat humble pie (hold the smarties)

Let me tell you, as an expert in humble pie, it does not taste as bad as what you fear. In fact your attitude has a bearing on the taste/long term benefits

But, given the choice...I prefer smarties...just sayin'
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Old Sep 27, 2017, 6:56pm   #112
 
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LONG 2497

Target 2503


Call me long sighted... call me lucky I don't care. Now, about those smarties...

Target hit +6
Running + 44


Looking to short 2505
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Old Sep 27, 2017, 7:11pm   #113
 
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David Knight started this thread Short 2506
Target 2501
Stop 1pt above high

Moved so quick I got a better market order entry than if I had set a sell order..

Luck is a factor in trading. They just don't talk about that in books..
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Old Sep 27, 2017, 7:21pm   #114
 
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Short 2506
Target 2501
Stop 1pt above high

Moved so quick I got a better market order entry than if I had set a sell order..

Luck is a factor in trading. They just don't talk about that in books..
COVERED 2509 - 3

Running +41

Not so lucky after all..
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Old Sep 27, 2017, 7:31pm   #115
 
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David Knight started this thread That was a suprising move.
Don't want to short here would rather buy 2501

Actually, I do want to short, just not going to. When something unusual happens, don't act all usual...just sayin'
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Old Sep 27, 2017, 7:57pm   #116
 
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Any idea of the fundamentals behind the move David?
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Old Sep 27, 2017, 8:14pm   #117
 
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Any idea of the fundamentals behind the move David?
Deliberately clueless I'm afraid. Well.not really afraid as in, scared, more as in 'beyond hope'

FOMC day I don't ignore, that's about it.
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Old Sep 28, 2017, 12:21pm   #118
 
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Toolbox Talk

David Knight started this thread https://www.google.co.uk/search?q=to....0.gX18bpkUrfg


In reviewing that losing trade (Short 2406) of 3 points which halved my daily profit -

1- Short trades are always more difficult
2- This was the 2nd short in the same day...which is pushing it.
3-Time of day - I prefer to avoid the middle of the day (and the middle of the trading range)

my entry wasn't middle of range but was nearer middle of day

Hence the charts. with comments below.

As well as the preferred trading times and price locations I also want to mention hoilding times and stops/targets

I was stopped out of a trade I 80-% 'knew/know' will hit the target of 2501 , which is also where I want to buy. (futures are trading near that cash equiv level now)

Since i thought that the early high would hold and the Dow would exceed it's high I set a stop 1 point above which would prove I was wrong (which happened)

Interestingly it was actually the Dow high which held and not SPX. See chart 4

Also, consider that we saw an extrordinarily quick and surprising move designed to shake out the weak hands

In those circumstances I prefer to take the hit knowing that my trading plan had unwittingly left me on the side of those weak hands. You really have to lose the ego in this business or you will not survive.

Finally, on this trade
Note on chart 4 the comment about market conditions which are yet another reason to not go with insinct regarding 2501 but rather, obey the stop set earlier.

Market conditions affect holding times.Ideally want an early buy/short and a grind in one direction all day. Just not getting much of that at the moment, but conditions will change.


Looking to buy 2501.
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Last edited by David Knight; Sep 28, 2017 at 12:40pm. Reason: spelling
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Old Sep 28, 2017, 1:09pm   #119
 
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David Knight started this thread Long 2502

Target 2507

Will add lower

Last edited by David Knight; Sep 28, 2017 at 2:56pm. Reason: changed entry from 2402 to 2502
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Old Sep 28, 2017, 2:55pm   #120
 
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Long 2502

Target 2507

Will add lower
Sold 2505 +3 grabbed back from yesterday
Running +44


Will get back in @2502 for that target
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