David Knight -Journal

[David Knight]

buy 2576

target 2583

will add lower if req'd

overnight range currently 88-76 (approx)

so target is about half way back

closed 2580 +4

RUNNING +96

want to buy the overnight session low zone if It goes there.

Can I get the first 100 point mark done today?

 

[David Knight]

Order to BUY 2574
Target 2585

 

[David Knight]

Order to BUY 2574
Target 2585

Sold 2585 +10

Running +106

1st 100 points done

Literally got home a few minutes before 85 hit

EDIT
I believe top is in today @2585.29

 

[David Knight]

I decided at 7am this morning that I wasn't going to put in a buy order @2577

The next poss trade was a buy around 66 support. (I wasn't here today). At this point will the opening gap fill or will it test support again?

Decl vol shows sellers in control. So I think I'll stay flat for now and avoid getting stuck in a trade that doesn't go anywhere (option3) for most of the day

 

[David Knight]

BUY 2569

Target 2579

Will add lower if req

 

[David Knight]

BUY 2569

Target 2579

Will add lower if req

Sell 2568 -1
Running +105


Order to Buy 2561

 

[David Knight]

Raised Buy order to 2564

 

[David Knight]

Short 2576

Stop79 (1 point above high)

based on 78 -62 being todays range

Still want to buy 64

Moved stop to 80

 

[David Knight]

Short 2576

Stop79 (1 point above high)

based on 78 -62 being todays range

Still want to buy 64

Moved stop to 80

Out-4
Running 101

 

[David Knight]

With the journal around the first 100 point mark I thought it would be interesting to reveiw the trades.

It always feels hard to be short. I've said repeatedly that I don't like doing short trades. And I have had a losing short today.

Leaving aside one B/E trade on the short side, these are the stats:

LONG

28 trades
22 wins
6 losses
78.6%

SHORT

23 trades
15 wins
8 losses
65.2%


Largest winning long trade= 10 points

Largest winning short trade= 18 points


Largest losing long trade= 7 points

Largest losing short trade= 16 points

Draw your own conclusions. For me, longs have the edge in this sample but short performance is not so poor that I would always avoid shorting

Also if I take into consideration that the great majority of the short trades were from the start of the journal (Aug 22) and that I switched mainly to the long side at the start of Sept, where the market took off sharply after a retracement in August.

This shows that I was reading the market correctly in it's general direction.

But I am still under performing in terms of points gain on the long trades. I need to improve in that area.

Neither have I added to a winning trade. I've added to losers.

The next 100 points need to get done far quicker.

And I also want to keep trying to make the journal as easy to follow as possible.

 

[David Knight]

Will attempt a Short here @ 2587

mental stop and target for now.

 

[David Knight]

will attempt a short here @ 2587

mental stop and target for now.

cover 2582 +5

Running +106

Looking to buy Lower

 

[David Knight]

Trading plan

Flat. Looking to buy lower.
Also have to consider shorting a second open gap up if it occurs.

 

[David Knight]

buy 2581

Edit:

Not expecting drama on a Friday.

 

[David Knight]

buy 2581

Edit:

Not expecting drama on a Friday.

Scrtach this trade @B/E

Price action does not favour my play.
Will go into more detail with chart in an edit to this post


ADV/DECL suggests buyers in control but market has been in the red all day so far. Another reason to scratch this trade.

 

[David Knight]

Order to BUY 2571

 

[David Knight]

order to buy 2571

sell 2581 +10

Running +116

Looking to BUY lower

 

[David Knight]

sell 2581 +10

Running +116

Looking to BUY lower

second time made 10 points having got here a few minutes earlier.

chart to follow

 

[David Knight]

Order to BUY 2571

 

[David Knight]

SHORT 2598
too high to buy two gaps below..