David Knight -Journal

[pingpong1965]

Apologies it being from my phone, but i cant go that far back on my PC, but as you you can see its clearly there

http://www.trade2win.com/boards/attachment.php?attachmentid=247412&stc=1&d=1508874795

 

[David Knight]

Trading plan

The trading plan is on the charts.

 

[David Knight]

Stepped in manually BUY @2562
Target 2566

Doesn't change overall plan (But cancelled 2561)

 

[David Knight]

2nd order triggered @2551

(1st entry 2562)

Av=2556.5


Ideally I can make some points on the 2nd entry then replace it with one @ 2544 in this gap from oct 9 (see chart)

 

[David Knight]

2nd order triggered @2551

(1st entry 2562)

Av=2556.5


Ideally I can make some points on the 2nd entry then replace it with one @ 2544 in this gap from oct 9 (see chart)

Closed 2551 @2553 + 2
Running +47

Still hold 2562 looking to buy 2544

ADV/DEC vol is 1 to 6 Which is why I took the 2 pts Not much chance of a rally with this much selling. . Would rather have 2 contracts today than 3 if 2544 gets tagged.

 

[David Knight]

ADD @2544

av =2553

 

[David Knight]

ADD @2544

av =2553

Closed 2544 @2550 +6

Running +53



8 points made on the long side on a heavy selling day. Keep saying it, but it's easier to be a bull than a bear.
Still holding 2562 so lots of work to do yet

 

[David Knight]

There is a reasonable chance the low is in today at 2544

I have a buy order for 2538 which is the gap on Oct 4th I was looking for in an earlier post when the market dropped to 2548 on the 12th

I really wanted to hold that last trade a bit longer because there's a good chance a rally has started from todays low that might not complete until tomorrow.. Decided not to push my luck
I winged it a bit today so I am most likely standing aside for remainder of session.

 

[David Knight]

Stepped in manually BUY @2562
Target 2566

Doesn't change overall plan (But cancelled 2561)

Closed @2564 +2

Running +55

Looks like the market has done all the hard work...

Looking to buy lower around 2550

 

[David Knight]

Market tagged 2566 which was my target for the 1st trade yesterday (post#163)

2565.84 to be precise and has a reasonable chance of being the top of the rally from 2544 .00

The correct trade would have been to hold 2544 until the possible high first around 2565 (just made). That is the reality of how pitifully far away my performance was from what I'm (anyone) actually capable of doing.

(See post #168 for proof)

And there is no excuse...

 

[pingpong1965]

David what are your present thoughts, now the s&p has breached 2570

 

[David Knight]

David what are your present thoughts, now the s&p has breached 2570

It's always the same process just a different day.

EDIT
This is the first in a series of charts that explain this process.

 

[David Knight]

2574.60 is a potential daily high here. -2 gaps below
Next target if this gets taken out is 2581

 

[David Knight]

Not going short here because-

1- It's Friday , nothing dramatic is likely from the bears.
2- it will probably go sideways and I'll get trapped
3- if it does drop there's no more than 5-8 pts likely in it.
4- I hate shorting. And it could go even higher
5- But mostly because 2581 is a far better exit for a long than an entry for a short bearing in mind the day and the time of the high.

So buying in the gap/ at probable supports would be a gift if I get the chance.


There's a fear right now, no doubt, that this rocket will keep going and barely pull back in the coming days. The chart shows why I don't think it will happen on this occasion.

 

[David Knight]

Orders to buy 2572 and 66

 

[David Knight]

Orders to buy 2572 and 66

This trade (2572) was around 2pts in profit around 74 about 10 mins ago
Still happy to add @66

One possible path right now is 76 then 71

or could go straight to 71 from here

EDIT

Moving buy order from 2566 down to 2560

Still holding 72

 

[David Knight]

Orders to buy 2572 and 66

Closed 72@ 75 +3

Running +58

Have order to Buy 72 again

 

[David Knight]

Expecting sideways day rather than strong trend.

Running this journal is a lot of extra work guys so bear with me.

I (typically jumped the gun) and entered manually @2573.While I was doing these charts. The market did hit 72.1.

I'm expecting this trade to go into a loss and hopefully get a fill @ 60/61 today or weds.

 

[David Knight]

Exit 73 @75 +2

Running +60

Will BUY lower

All the work is done just sit and wait now...

 

[David Knight]

Slow with the charts again....