The BENCHMARK

[David Knight]

SHORT 2719


Target 2714

 

[David Knight]

Cover 2726 -7

Running total +30 on 8 trades

 

[David Knight]

Trades today were



+6 Long

+9 Long

-4 Short

-7 Short



Total +4


A familiar pattern there. I am not great at shorting.


Ideally it would have been better to have either


1-Stopped after the first 2 trades Or-
2-held all day.


Option 1 was completely within my control


Option 2 is easy to say in hind sight.


Today did not appear to be the right day to buy early and hold all day. It just proves that you will never outsmart the market. Doesn't matter how long you've done this, you cannot consistently call all the turns.


So you have to devise a way to bag those points while being poor at predicting the future,


You also have to make sure that, even when you trade as badly as I did today, you don't lose money.


Some would say trading badly is blowimg your account


Some would say it's having 6 losers in a row.


On paper +4pts doesn't tell the real story.


I declined to take the trade 2704-2715/17 (actually went to 2720)


I shorted 2719 instead of waiting to the 2723 level I'd identified early on.


I let the last trade go to -7.. sat on it way too long.


Worst of all.. what if today's low (2699) is the week low?.



What if I should be still holding the initial long @2701 right on the prev identified price level and let the market do all the hard work.?


Just because I think the market is going lower near term doesn't mean it's going lower...


Fortunately, it's a trader's market right now. The ranges and swings are there for the taking.

And..it's only Monday.

 

[David Knight]

short 2733

 

[David Knight]

short 2733

Covered @ B/E looking for a better trade..

 

[David Knight]

LONG 2720

will add lower if required

I got out of my initial short thinking it was likely to go to the top of the overnight session towards the 2744 level where I could short higher. It hasn't worked that way.

Now tryng to go long..looks to be too early.

Assuming it will stay within the sideways range and that Mon low was week low.

 

[David Knight]

Im out for a point. @2721

+31pts on 9 trades


Sometimes, if you have to wait this long for your rent, it's probably better to get another tenant..


All Cash Prices (Stand Still)


The futures will probably trade either side of a median line and end up unchanged. (4th July)


The median we're looking at in the shortest time frame is 2723.

 

[David Knight]

Short @2733


Stop 2735 (manual)

First chart is NYA which looks flat (weaker?) compared to SPX


https://www.marketvolume.com/quotes/index_components.asp?s=NYA

NYSE Composite Index
In 1966, the NYSE established the NYSE Composite Index to provide a comprehensive measure of market trends. The indexes consist of a Composite Index of all common stocks listed on the NYSE and four subgroup indexes -- Industrial, Transportation, Utility, and Finance. The indexes are basically a measure of the changes in aggregate market value of NYSE common stocks, adjusted to eliminate the effects of capitalization changes, new listings and delistings.

 

[David Knight]

Move stop to B/E

Cover 2726 14.37

 

[David Knight]

Running total +38 on 10 trades

Market is still just above the 2723 median.


I prefer to enter next trade either short 2744 or long 2702 zones. We'll see.


Just missing a couple of trades and losing a few points has knocked my average somewhat..

 

[David Knight]

I'm not sensing much strength from the bears.


I wouldn't be surprised if they couldn't even close the opening gap.


I'll be entering LONG @2719 on a pullback if I can get it.


Target would be overnight high/close and I'd be prepared to add on anything under 2709



..

 

[David Knight]

Short 2732

Stop 2735

same trade as earlier.

Aiming to flip long @19

 

[David Knight]

Short 2732

Stop 2735

same trade as earlier.

Aiming to flip long @19

Stopped -3

Running total +35 on 11 trades

 

[David Knight]

short 2730

just jumped on momentum - same target

EDIT- STOP to B/e

Cover @2729

It would probably hit my stop

might re enter..

 

[David Knight]

short 2730

just jumped on momentum - same target

EDIT- STOP to B/e

Cover @2729

It would probably hit my stop

might re enter..

SHORT again 2731


Won't post charts for now

Scratch.... I just can't devote anymore of my life to this trading idea. It's tedious.

+36pts on 12 trades.

 

[David Knight]

Short 2742

Was looking to buy just before that huge move...
In fact I had just finished this chart (chart 1)

EDIT- STOP to B/E

 

[David Knight]

Short 2742

Was looking to buy just before that huge move...
In fact I had just finished this chart (chart 1)

EDIT- STOP to B/E

Cover 2737

+5

+41 on 13 trades

 

[David Knight]

ORDER-Sell 2753

Selling..
Targeting the gap above.If current resistance looks to be holding will re think. Gap would be good exit on existing longs

Buying..
Last friday closed in the red. If this Fri closes up then, in theory buying below 2737 (thurs cls) should work.. In that case 2723 is support.

 

[David Knight]

Short 2743

STOP 47

Have to play dumb ..

my instinct is it breaks res today

Lets see which one is correct today - playing dumb or instinct

Stopped -4

 

[David Knight]

short 2753

Those signs of strength on my last analysis chart today are following through. If 44 becomes support, current prices are cheap...

I'm on the wrong side of this and will have to cover

Covered 57

-4
+33 on 14 trades