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08/14/2018 Market Recap

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Cobra
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08/14/2018 Market Recap

Post by Cobra »

Don't know whether the rebound was over or not, need see more bars.
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Cobra
Site Admin
Posts: 58333
Joined: Sat Feb 12, 2011 10:29 pm

Re: 08/14/2018 Market Recap

Post by Cobra »

SUMMARY:

Another day of no idea of what to do. Was prudent calling uptrend day in the morning although those who chased high at the latest stage when the uptrend was finally clear, would still have many chances to exit unharmed so it was an uptrend day, just weak.


NOTE:

By here it looked very like an uptrend day (viewtopic.php?f=2&t=3019&p=258057#p258057), I was prudent though because the recent pattern was up and up in the morning then down and down into afternoon then rebound to the close.

The market was in consolidation here which usually means continuation which in today's case was up. So called bias was up here (viewtopic.php?f=2&t=3019&p=258063#p258063) and here (viewtopic.php?f=2&t=3019&p=258065#p258065).

The bias indeed was up, just it's not strong, so those who longed on consolidation should be fine although should not make much money (viewtopic.php?f=2&t=3019&p=258080#p258080).

The close actually was not too bad. Yes, it dropped but it could be explained as bulls were very careful so not necessarily a bad thing, so hard to say up or down tomorrow.
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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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