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08/10/2018 Market Recap

08/10/2018 Market Recap

Postby Cobra » Fri Aug 10, 2018 5:25 pm

spy.png

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Re: 08/10/2018 Market Recap

Postby Cobra » Fri Aug 10, 2018 5:40 pm

SUMMARY:

It's basically a range day so my instinct was right. Even I did want to trade on the downside, I could only be sure after the 2 pm breakdown which then wouldn't have much meat left.


NOTE:

I planed to trade on the downside here if bears could show some strength (viewtopic.php?f=2&t=3014&p=257944#p257944).

Unfortunately there's no breakdown but the rebound was neither strong (viewtopic.php?f=2&t=3014&p=257949#p257949), so I expected a pullback somewhere. However, sometimes it could be 4 or 5 or more push up, so I didn't know how to make an entry. I had to wait. I mean 3 push up works like a divergence it's not good enough as a trading signal, I need something more affirmative.

Indeed there's a pullback, but too bad, it was weak, so I had no guts to bet on the downside anymore as I believed the best bears could get was just a range day (viewtopic.php?f=2&t=3014&p=257951#p257951).

I didn't expect this breakdown (viewtopic.php?f=2&t=3014&p=257961#p257961), so by here, even I wanted to short, I no longer had the guts to do so.

And here (viewtopic.php?f=2&t=3014&p=257972#p257972) again proved my guts could save me. It really is hard trading on the downside. Should I have traded on the breakdown, I'd be crying by now.

In the end, not a bad close for bulls.
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DISCLAIMER:

The trading log above is meant for myself only which main purpose is to help improving my market sense.

    My blah blah about how the market would go in the next dozens of minutes everyday in this forum, is a way to force me to focus on the market, because by speaking loud, if the prediction is wrong, I'd be embarrassed, which of course I'd like to avoid as much as possible.
    Day trading is not my strongest point. Just for the same pattern, it can repeat frequently on the 5 min chart while on daily chart it may take months to appear once and another month to know whether the idea of trading such a pattern is right or wrong THIS time, so practicing on the 5 min chart is a fastest way to learn to trade.
    Day trading inevitably would have good days and bad days, it's a part of the game. If I always have good days, it means I'm either lying or already the richest person in the world (then why I'm still trading?), so please don't blame me for making any bad calls. The log is for myself only, not meant to be followed.

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