David Knight -Journal

David Knight

Active member
Aug 20, 2017
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I have been out today and have just got back

80% chance the high for DOW/SPX are in at 23,002.20/ 2558.53 respectively

So my original 2558 target is resistance. And little chance 2563 (2nd target) gets hit today.

Had I been around I may have closed out on the second attempt to break it.

ADV/DECL about 1 to 2..

I'll stick for now,,


Add a chart in a few minutes- I'm starving!


 

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David Knight

Active member
Aug 20, 2017
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DOW +121
SPX +2.6

DOW on average is about 8pts per SPX point

SPX hit 2563 target- ok, I get that.
DOW +121...?

I don't trade abnormal conditions because I don't know what is behind it or what will happen next.

Maybe it has something to do with the EMH :rolleyes:

I guess you could sell DOW and buy SPX... but I'm not going to right now.

We'll see what happens..
 

David Knight

Active member
Aug 20, 2017
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Correct

There is a gap on the 4th of October. @ 2537.7. I want to jump in front of it if I can. It may overshoot it may not. It may not even go there.

That was this morning. Now I have to re assess in light of current 'price action'

Futures have not got down to pre cash market level around 2544. Bearing in mind time of day.

If we get to that level I may start buying there

Also you have to figure in terms of time ,not just price. Will this retracement be over in a few hrs/1 day, or will it roughly match the same period of time and no of points as the last retracement?

 
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David Knight

Active member
Aug 20, 2017
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"I don't trade abnormal conditions because I don't know what is behind it or what will happen next". from post #143

I didn't have a position on that occasion. This time I am already short (hate being short) @2560 8 points in the hole.

That's about mid way btw the close yesterday and the top of this up swing (2562-74)

So it's going to be a damage limitation exercise today. Entertaining for some of you guys and 'fun' for me:rolleyes:

Here, in no particular order are today's contestants-

1-I could take the loss now
2-wait until it pulls back some more and take a smaller hit
3-As above and then go long
4-wait until it goes back to the high and take a bigger hit
5-wait until it goes back to the high and add another short
6-Hedge

out here at -8
Running +50

In the next post I'll go over why I chose 1. Some of you already know why..
 

David Knight

Active member
Aug 20, 2017
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Those paying close attention know there was no stop on that last trade.

So it is pure luck that I did not open the platform when my short was 14 points in the hole. What would I (You?) have done then?

What would my (your?) list of options look like then?

After weighing the options I decided to take the hit straight away. Now I'll explain why.


1- When I get it wrong there is a price to pay.

You have a choice. You can decide, or you can let the market decide. If you let the market decide it more often than not takes more of your money rather than less.


2- The more options I give myself, the more difficult it is to make a decision.

If you're in a losing trade while you're attempting to choose the right option that can also be stressful. That won't help you make the right choice- more likely, the opposite.

Conventional wisdom says you should always have a stop and a target and then you wont have to deal with these kind of situations. True, but there are problems with everything.


3- The sooner I take the loss, the sooner I can find the next trade.


I'd rather spend my time doing that, instead of working my way out of a problem.


Looking for the next long trade..
 

David Knight

Active member
Aug 20, 2017
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why you Short in this area if big picture are long?!


'My basic trading principle is buying the lows and sell highs, that simple!'-
RachasfromPortugal

http://www.trade2win.com/boards/gen...wnering-questions-about-my-trading-setup.html

Actually, you know what? after reading your posting history, and particularly this one:

http://www.trade2win.com/boards/tec...-never-trade-against-trend-6.html#post2978826

90% of my trades are counter trading, are the best trades....

... i've decided you are totally full of s..t

When I saw your question also had an exclamation mark- (why you Short in this area if big picture are long?!) I did think that you were being patronising. However, since English is not your first language I put it down to me being over sensitive.

Looks like my theory about people revealing themselves in their own choice of words, and, in your case, grammar holds true as usual.

I get you're a wannabe vendor, hence your youtube channel and your claims about having nothing to sell.

Let me tell you where I am- Don't use my journal again to further your agenda- thanks.
 
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David Knight

Active member
Aug 20, 2017
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Trading Plan

I'm considering a short @ 2582 since the market opens a 2nd consecutive gap

If I put that trade on the stop is 1pt Target 2576



SHORT cancelled

2576 has been tagged first

LONG @2576

Target 2579

will add lower if req'd
 
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David Knight

Active member
Aug 20, 2017
401
99
38
I'm considering a short @ 2582 since the market opens a 2nd consecutive gap

If I put that trade on the stop is 1pt Target 2576



SHORT cancelled

2576 has been tagged first

LONG @2576

Target 2579

will add lower if req'd




Closed this trade @ 2571 -5
Running+45

Want to buy lower around the gaps 2562/45/38

 

pingpong1965

Active member
Oct 26, 2012
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No.(see charts)
Nice signature btw (I'd be happy to use it myself :cool:)
Thats odd on the gap, as i do have a gap on the 5m at 15.20 (29.9.17), hopefully that could easily be explained on using different charts, for the gaps i use Finspreads or City Index, which i know is pretty much the same platform, but obviously completely different to yours.


As for the signature, unfortunately i dont own the Trademark, so feel free to use it:D