David Knight
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David Knight -Journal
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David Knight
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Trading plan
TRADING PLAN
Futures range 90-97currently at lower end of range suggests a low first and a higher high today
I am holding 2588 and will add if I get a chance, if the current analysis looks right.
This is a good situation when you know the futures went higher but are lower now. (poss buy opportunity)
However, yesterday the lower end of the futures range was not touched and is still a possible magnet. So the same thing could happen at the high 2597
You want to be aware of these issues and also fit them into the larger context.
TRADING PLAN
Futures range 90-97currently at lower end of range suggests a low first and a higher high today
I am holding 2588 and will add if I get a chance, if the current analysis looks right.
This is a good situation when you know the futures went higher but are lower now. (poss buy opportunity)
However, yesterday the lower end of the futures range was not touched and is still a possible magnet. So the same thing could happen at the high 2597
You want to be aware of these issues and also fit them into the larger context.
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David Knight
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David Knight
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David Knight
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I still believe it is higher probabilty the high is in . Not convinced we've seen the low today.
We are also close to a nice round number -2600 maybe too close to be very bullish.
Staying flat until I see a trade. 2584-5 would be a good entry as long as I don't see bears getting considerably stronger.
We are also close to a nice round number -2600 maybe too close to be very bullish.
Staying flat until I see a trade. 2584-5 would be a good entry as long as I don't see bears getting considerably stronger.
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David Knight
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David Knight
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SOLD 2588 +2
Running +88
Will buy lower
EDIT
playing defensive with current gains (+10 today)
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David Knight
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David Knight
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David Knight
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We are being tempted to buy at higher prices. I am declining the offer.
Although adv/decl has improved from bearish towards the bullish side (see charts) it's not what you want to see if you are aiming above 2597
However, bulls usually win so if you think we are going to at least close above yesterday (2590.6) buying below that makes sense.
But..we currently now have two overnight session lows not tagged 2579/83
That is why I'm declining to buy higher. However I am happier to buy 83 if I can, since the bears are weakening.
On the charts here, you can compare the changing adv/decl with your price chart.
Although adv/decl has improved from bearish towards the bullish side (see charts) it's not what you want to see if you are aiming above 2597
However, bulls usually win so if you think we are going to at least close above yesterday (2590.6) buying below that makes sense.
But..we currently now have two overnight session lows not tagged 2579/83
That is why I'm declining to buy higher. However I am happier to buy 83 if I can, since the bears are weakening.
On the charts here, you can compare the changing adv/decl with your price chart.
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David Knight
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Buy 2585 Target (limit) 2590
EDIT
ADD 2579 the outstanding level has now been tagged
(Now both outstanding lower levels 83/79 )
AVERAGE= 2582
Please note the overnight high c/e price is nearer 97 than the 96 shown on chart
Have to go out for an hour - chart later
range is now 78-97
EDIT
ADD 2579 the outstanding level has now been tagged
(Now both outstanding lower levels 83/79 )
AVERAGE= 2582
Please note the overnight high c/e price is nearer 97 than the 96 shown on chart
Have to go out for an hour - chart later
range is now 78-97
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David Knight
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Sold 2579 @ 2584 +5
Running +93
Still hold 85
EDIT
NOTE- TRADES
In the interest of greater clarity and simplicity I'm spending a bit longer on these charts hence the delay in posting them. (Trades will still be posted as I make them)
ANALYSIS
I'm aiming to get the trading plan posted at 13.30pm UK each day. Having said that I will not be here mon-weds next week and the following week during the day but will be posting something at some point in the eve on those days.
Running +93
Still hold 85
EDIT
NOTE- TRADES
In the interest of greater clarity and simplicity I'm spending a bit longer on these charts hence the delay in posting them. (Trades will still be posted as I make them)
ANALYSIS
I'm aiming to get the trading plan posted at 13.30pm UK each day. Having said that I will not be here mon-weds next week and the following week during the day but will be posting something at some point in the eve on those days.
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Last edited:
Why 2590 target
Not the original 2600
UOTE=David Knight;2977924]Finally, we have a retracement.
Have set an order to BUY @2539
Target 2558
Will add lower if req[/QUOTE]
Not the original 2600
UOTE=David Knight;2977924]Finally, we have a retracement.
Have set an order to BUY @2539
Target 2558
Will add lower if req[/QUOTE]
Last edited:
David Knight
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2600 is the next target only if 2588 is support (shown on recent charts)
It is currently out of range. When it looks like it's back on the table I can aim for it.
It's all context. Some big swings here not a slow grind up, so just trying to play the context.
David Knight
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David Knight
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David Knight
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No, its based on me probably needing to trade badly again.
Seriously- more or less but playing safe was priority
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BUY 2576
TARGET 2583
Will add lower if req'd
Overnight range currently 88-76 (Approx)
So target is about half way back
TARGET 2583
Will add lower if req'd
Overnight range currently 88-76 (Approx)
So target is about half way back
David Knight
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Trading plan
TRADING PLAN
It's Friday, statistically unlikely to see heavy selling . After yesterdays decline there was a pretty impressive retracement of 18 points of a 28 point drop.
Although futures are down, I would expect the SPX to hold the current range of support/resistance 2566-88. That way the recent 'damage' would be contained, while still allowing a close in the red. (Which is more likely today)
A close above 2588 targets 2600 once more. A drop below 2566 could find possible support at the nearby gaps from October 25th/26th (see chart)
An ideal scenario would be to see the weekly low next week take out the lower gaps then rally (Santa?) to 2600 's
TRADING PLAN
It's Friday, statistically unlikely to see heavy selling . After yesterdays decline there was a pretty impressive retracement of 18 points of a 28 point drop.
Although futures are down, I would expect the SPX to hold the current range of support/resistance 2566-88. That way the recent 'damage' would be contained, while still allowing a close in the red. (Which is more likely today)
A close above 2588 targets 2600 once more. A drop below 2566 could find possible support at the nearby gaps from October 25th/26th (see chart)
An ideal scenario would be to see the weekly low next week take out the lower gaps then rally (Santa?) to 2600 's
