David Knight -Journal

[David Knight]

SHORT 2643

Would like to see price return to overnight session low and for the low to be made first so I can get out and possibly go long.

Moving stop to B/E
(IF it breaks 2642)

 

[David Knight]

Moving stop to B/E
(IF it breaks 2642)

Moving stop to 2641

 

[David Knight]

Moving stop to 2641

Stopped +2
Running +138

 

[David Knight]

Range contraction...nothin new on Wall St

The last trade Is not the kind of trading I Ilke. Sometimes though, you need to pay closer attention than others. It's a drag . but it is what it is.

 

[David Knight]

Placing some orders here.

SHORT 2643 stop 2646 target 2634 (current overnight session low)

LONG 2631 stop 2625 target initially eod. (depends when it triggers)

I think that we'll get down to the 2597 gap in the not too distant future (see post #259)

MOVING BUY order to 2629 Iarget 2641 stop 2625

I missed the short at 48 area. it was around 45.

I was considering an order to short 45 once it dropped to 43 but it never went there in any case

 

[David Knight]

MOVING BUY order to 2629 Iarget 2641 stop 2625

I missed the short at 48 area. it was around 45.

I was considering an order to short 45 once it dropped to 43 but it never went there in any case

Manually entered 2630 same stop and target

 

[David Knight]

MOVING BUY order to 2629 Iarget 2641 stop 2625

I missed the short at 48 area. it was around 45.

I was considering an order to short 45 once it dropped to 43 but it never went there in any case

Manually entered 2630 same stop and target

Stopped -5
Running +133

 

[pingpong1965]

Have you gone long again or have you put in an order at 2630, as we havent been near 2630 since 2 this morning

 

[David Knight]

Have you gone long again or have you put in an order at 2630, as we havent been near 2630 since 2 this morning

I think re quoting both posts has caused the confusion. To clarify

The original order was BUY 2629

At 8:21pm Mon I entered at 2630 (market order/cancel 2629)

The stop and target remained the same

Stopped in early hours @2625

overnight session low was around 2620

-5 points

Appreciate the question because other readers may also have been confused and not said anything

 

[David Knight]

Trading Plan

Long has a better probability in early trading but the path of least resistance is down. Catching falling knives etc..

 

[pingpong1965]

Yes i was slightly confused, which is easily done for me, thanks for the reply

 

[David Knight]

SHORT 2629
stop 2633

For this to be a low 1st I would ideally want to have seen the overnight session low (2620) tested very early, preferably on a gap down. That did not happen

Next- the overnight session high has been tested and so far has held.

The path of least resistance is down.

This trade has a reasonable chance of now going to test 2620

Risk is 4 points, target is 9 but if decl vol picks up I may manage the trade with a trailing stop and target eod.

The other consideration is if 2620 gets touched within the first 90 minutes that could still be the low for the day (or thereabouts) and we can close within the range.So sticking with the target would make more sense.

In other words, it's important to factor in time rather than focus on price exclusively as most traders do. We know that because TIME is rarely mentioned.

 

[David Knight]

SHORT 2629
stop 2633.

Stopped -4
Running +129

 

[David Knight]

Trading Plan

Staying Flat for now
Futures suggest another day similar to yesterday. But it can change of course.


UPDATE 3pm

There's a good possibility 2626.53 is the low today. If it breaks then that 2020 zone should be the target.

So my choice is short a high no later than 4pm or buy around 2020. But if it looks like a ranging day I'm not really interested because that means I'll have to watch the market closely- and at some point you'll realise how deadly dull that is

 

[David Knight]

Order to SHORT 2638
stop 2640
target 2632

Around 4 pm and this price level could be the high for day

Deinitely worth 2 points to find out.
But it is against adv/decl showing for the buyers.

Ii we drop from here first before I'm filled and then reverse I may pull this order. (reduces the probability I'm right if that happens)

 

[David Knight]

Order to SHORT 2638
stop 2640
target 2632

Around 4 pm and this price level could be the high for day

Deinitely worth 2 points to find out.
But it is against adv/decl showing for the buyers.

Ii we drop from here first before I'm filled and then reverse I may pull this order. (reduces the probability I'm right if that happens)

Filled

Going to be irritating if it hits my stop and then hits my target. That's the kind of week I'm having though.

UPDATE
Nearly 60 minutes with the high @2639.9

can you believe my luck? It must hit the stop...surely

 

[David Knight]

Filled

Going to be irritating if it hits my stop and then hits my target. That's the kind of week I'm having though.

UPDATE
Nearly 60 minutes with the high @2639.9

can you believe my luck? It must hit the stop...surely

Thank you. -2

Running +127

More evidence that proves the theory-. If price stays in the same zone for a while It's less likely to be the H/L

 

[David Knight]

Short 2645

STOP 2650
TARGET 2639 (approx)

Move Stop to B/E

Stopped

New order- Short 2647
Stop 2650
Target 2637

 

[David Knight]

Trade Plan

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?

 

[David Knight]

Short 2645

STOP 2650
TARGET 2639 (approx)

Move Stop to B/E

Stopped

New order- Short 2647
Stop 2650
Target 2637

Triggered- short 2647
not looking good already

Moved stop to B/E

There's a chance the low is in @2645.11

It doesn't look likely but my analysis says it's possible

Stopped B/E