David Knight -Journal

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David Knight

Active member
Aug 20, 2017
401
99
38
#41
Pre Market

Bears got a pasting, which is why I hate being short. Now sitting on a loss of currently 10 points as futures grind down from a h/h earlier.

Yesterday futures were at cash eq of around 2422 but cash low was 2428

Haven't changed my basic stance (looking short) yet but it's even more difficult to stay with the plan than it was before.

Again, that is the character of this cycle (unless it has ended, since that 79/74 points symmetry is still in place..
 

David Knight

Active member
Aug 20, 2017
401
99
38
#47
Hard to be bearish now. Last 2 days plus the open look impulsive, not corrective. Breadth appears to be improving, so this correction might be over.

looking for longs.
 

David Knight

Active member
Aug 20, 2017
401
99
38
#48
Lots of confusion out there. I see a lot of people getting bullish - could it be that it will be the bulls turn to get roasted next?

According to some Elliott wavers this is a typical 4th wave confusion situation. All Elliott is a confusion situation for me so I don't Know..:)

And when I don't know I don't trade.

PLAN

Not worth trying to over think it. A trade opportunity will present itself soon.
Flat for now.
 

David Knight

Active member
Aug 20, 2017
401
99
38
#50
2473.85 Looks to be the low today. (and yes, it's exactly to the tick if correct)

From post#2-

'Often when a correction is over we see impulsive price moves'.

Designed to leave without you on board

I got left behind:sleep:

Trading related q's only in this thread please
 

David Knight

Active member
Aug 20, 2017
401
99
38
#52
2473.85 Looks to be the low today. (and yes, it's exactly to the tick if correct)

From post#2-

'Often when a correction is over we see impulsive price moves'.

Designed to leave without you on board

I got left behind:sleep:

Trading related q's only in this thread please

DOW possible high today 22,023.32

SPX possible high 2,479.30

I'm skeptical though in light of the strength in adv/decl


 

darktone

Well-known member
Nov 2, 2003
3,917
999
123
#54
Have you ever tried scaling size to mange your your position David? Short 44 / 51 / 62, offer one or two back. Short 64 / 70 / 75 etc etc. Need to be playing more than 3 units to go that way tho really tbh. Whats the max number of contracts youd swing?

Good thread btw :)
Cheers D
 

David Knight

Active member
Aug 20, 2017
401
99
38
#57
Have you ever tried scaling size to mange your your position David? Short 44 / 51 / 62, offer one or two back. Short 64 / 70 / 75 etc etc. Need to be playing more than 3 units to go that way tho really tbh. Whats the max number of contracts youd swing?

Good thread btw :)
Cheers D

Thanks

The best way to answer this is-

I'm Ok to add in the way I've shown so far in the journal but that I don't want to be managing a losing position If I no longer have belief that the trading idea was correct.

Once I think I'm wrong I will only delay getting out if I think I can limit the damage otherwise I'd rather get out and start again.

What you're suggesting, (and I don't want to be rude or critical of someone else's approach) is down the road of refusing to accept loss/being wrong.

You may get out of it, particularly on the long side, rather than short as per your example. but it' a bad habit that will really hurt you in the long run imo.
 

David Knight

Active member
Aug 20, 2017
401
99
38
#59
The spx low has now dropped 0.6 ticks to
2,449.81

And Dow low is still 21,727.18


So , as long as neither one of these prices gets takn out, I will hold all day if I can
 

David Knight

Active member
Aug 20, 2017
401
99
38
#60
The spx low has now dropped 0.6 ticks to
2,449.81

And Dow low is still 21,727.18


So , as long as neither one of these prices gets takn out, I will hold all day if I can

Covered @ 48 -4
Running 2.5

Not high prob trades once you get outside the 1st 60-90 minutes But considering the open gap above and gap close below it was worth a try.
 
Likes: Lee Shepherd