David Knight -Journal

[David Knight]

Why I Covered

Why I Covered @B/E

 

[mpups]

Expect to get back to winning ways before too long. The analysis is fine, just the stops proving to be too close before the market hit the targets.

I wont widen stops on short trades- that is one of the 10 comandments., thou shalt not widen stops nor covet thy neighbours stops..

I've broken the first one several times this week: Thou shalt not lose money, nor covet thy neighbours money.

We're all sinners really though aren't we?

He/she that has never moved their stop loss among you, let them cast the first stone at David

 

[swissy]

Hi David,
An excellent journal. Easy to follow and consistent. I like your commentary on the charts as it brings to life what is influencing your decision basis.
Keep it up!
Do you only trade the one market? FWIW I am a fan of this approach. I concentrate on one market (ftse) but will occasionally trade markets that may influence ftse (WTI and cable) if I see a good opportunity as I monitor them anyway.
I am currently living in a different time zone and ftse hours also happen to suit with work commitments.
Trading does not have to be complicated. As simple system developed over time with experience has less variables which makes it easier to determine consistency and a quicker turn around in the decision loop. Time is the most precious commodity!

 

[David Knight]

Hi David,
An excellent journal. Easy to follow and consistent. I like your commentary on the charts as it brings to life what is influencing your decision basis.
Keep it up!
Do you only trade the one market? FWIW I am a fan of this approach. I concentrate on one market (ftse) but will occasionally trade markets that may influence ftse (WTI and cable) if I see a good opportunity as I monitor them anyway.
I am currently living in a different time zone and ftse hours also happen to suit with work commitments.
Trading does not have to be complicated. As simple system developed over time with experience has less variables which makes it easier to determine consistency and a quicker turn around in the decision loop. Time is the most precious commodity!

Thanks. Really good to get feedback.

Only trade the SPX but I do analyse other markets. I did dabble on the FTSE years ago.

Like your last paragraph.

 

[David Knight]

Trading plan

So many times I've seen the market make a lower high not very far below a temporary top. We could be looking at that happening today with a top at 2665 and a L/H in the Sell Zone on my chart.

Futures just edging up having not broken that zone are pulling back. Still a big gap below and plenty of resistance overhead.. I'm bearish but not in a biased way..if that makes sense.

 

[David Knight]

Short 2656
stop 2666

 

[David Knight]

Update

Need a decisive move one way or another from the 11am time zone.. If it moves against me from here I'll be lowering my stop from 2666 purely on the fact that the probability of a profitable trade would be against me

 

[David Knight]

short 2656
stop 2666

Covered 2657

It went to 58 first and I managed to reduce the potential loss to -1

Running +126

EDIT

It's a signal... TIME

 

[David Knight]

Trading Plan

Delayed this analysis to give futures more time to extend the narrow 5 point range.

 

[David Knight]

Order- SHORT 2672 STOP 2675

 

[David Knight]

Trading Plan

Flat for now.Cancelled order- SHORT 2672

FOMC today/ futures expiry tomorrow

 

[David Knight]

Dow looks like a possible high here @24,656.80

SPX still hasn't quite touched 2672/3


I'd rather everything lined up.. And FOMC is a complication hence I'm cautious

 

[David Knight]

order to short 2672 stop 2675

EDIT 19:30

SHORT 2669 STOP 2675

just noticed I got a couple of price levels wrong on chart at 1.30pm- corrected on this chart

EDIT 22:24
super imposing my short trade on the chart after the scaling changed was what caused the error I've replaced the original with this one

I've set a target of 2660- if it's hit I will re enter around 2672 again.

 

[David Knight]

Still short 2669

 

[David Knight]

Still short 2669

Moving stop to B/E

(current price is approx 2662)

Cancelled target 2660- will handle manually.

 

[David Knight]

moving stop to b/e

(current price is approx 2662)

cancelled target 2660- will handle manually.

cover 2659 +10

Running +136

There is more in this retracement but with future expiry fri I'm being cautious.

 

[David Knight]

New Order (GFD) Buy 2651
Stop 2649
Target eod

Cancelled-

will wait until after expiry before opening new positions

 

[David Knight]

Short 2661

(March contract is now available)

 

[David Knight]

Short 2661

(March contract is now available)

Moving stop to B/E target 2657

stopped

 

[David Knight]

short 2664

Stop 2669

Edit Stop not taken yet
price is around 71

EDIT covered 2672 -8