David Knight -Journal

David Knight

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Aug 20, 2017
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#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

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Aug 20, 2017
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#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

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Aug 20, 2017
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#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
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#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
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#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

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Aug 20, 2017
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#55
Low could be here 21,806.86 for Dow

Problem is SPX has not closed the gap..

.Buy at 2465 st 1pt under low @1463.12
 

David Knight

Active member
Aug 20, 2017
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#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

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#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

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Aug 20, 2017
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#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