David Knight -Journal

[David Knight]

Short 2638

Looks a bit mad I know...

 

[David Knight]

Short 2638

Looks a bit mad I know...

This is purely a reflex instinctive trade I made here. I'm not going be able to explain it technically. If Im correct the high is in place already. or there could at least be a decent pullback/gap fill here.

Of course I could be wrong.

Stop is 1 point above the high of 2639.50


Will hold if it runs and decide on target later

The entertainment is worth the point, don't you think?

Moving Stop to B/E (2638)

Btw, the reason the trading plan was late today was because I had the full monte breakfast for lunch and wasn't watching the time. So this trade is riding on a big breakfast.

Lets give it some room Stop moved to 1 point above high again (never move your stops- balls)

 

[David Knight]

Short 2638

Looks a bit mad I know...

Covered @ 40.5 -2.5

Running +120.5

Again, once you are at this time zone the trade should have worked or lost. I tried for a high made first with lots of gaps below but it didn't work.

 

[David Knight]

Trading Plan

short 2645

Shorting near top of overnight session.

 

[David Knight]

short 2445

Shorting near top of overnight session.

COVERED 2627 +18
Running +138.5

LONG 2627 (See prev chart)

 

[David Knight]

COVERED 2627 +18
Running +138.5

LONG 2627 (See prev chart)

Sold 2628.5 +1.5

Running +140

 

[David Knight]

Difficult to post in a market moving this fast..

 

[David Knight]

Trading Plan

Looking to BUY lower.

 

[David Knight]

Waiting for a BUY signal

Still have not seen the low. imo

 

[David Knight]

long 2646

Target 2655

Will add lower

 

[pingpong1965]

long 2646

Target 2655

Will add lower

You seemed to have jumped in a little early there David, just wondering your reasoning, thought you may have waited until 2642 ish

 

[David Knight]

Order to BUY 2638 stop 2636

That was triggered Ave=2642

 

[David Knight]

You seemed to have jumped in a little early there David, just wondering your reasoning, thought you may have waited until 2642 ish

Yes. I figured that a gap close late in the day might be a crowded trade..
Was wrong though.

 

[pingpong1965]

Order to BUY 2638 stop 2636

Are you still targeting 2655 ?

 

[pingpong1965]

Since we have had a high so early in the week, i am just thinking we are probably going to have a down week, obviously not that we can't go up at some time, keeping on the sidelines until it gives us some more information and keeping an eye out for the Trump/ Russia possible connections

 

[David Knight]

Order to BUY 2638 stop 2636

That was triggered Ave=2642

Out-6
Running +134

Paying the price for getting in too early.

 

[David Knight]

Since we have had a high so early in the week, i am just thinking we are probably going to have a down week, obviously not that we can't go up at some time, keeping on the sidelines until it gives us some more information and keeping an eye out for the Trump/ Russia possible connections

That's a distinct possibility. Could be plenty of swings on the way.

 

[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)

 

[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)

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.

 

[David Knight]

Trading Plan

Currently SHORT 2643

‘Technical analysis doesn’t work’ and You can’t make money day trading’. You’ll read these, and similar statements many times while you’re learning to trade.

You’ll also read -
There is nothing new in Wall Street. There can’t be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again. -Jesse Livermore

You have to make a simple choice.

First you need to define what technical analysis is exactly. Then you need to decide how it will help you find trade ideas.

It’s the traders job to find the entries and exits based on the chart- the price levels and the way the market is moving and the context.

EXAMPLES OF TECHNICAL ANALYSIS.
Currently applicable. Recently, we saw narrow range trading days. Then there was a breakout and range expansion.
Low volatility leading to higher volatility.

After a while it will go back to more narrow trading ranges. It’s a cycle. It’s how markets never change.

The number of stocks in an up trend. A good indication of the internal strength /weakness in the market.

Not an indicator that tells you when to buy /sell- that's the traders job.