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08/16/2018 Market Recap

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Cobra
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08/16/2018 Market Recap

Post by Cobra »

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Cobra
Site Admin
Posts: 58336
Joined: Sat Feb 12, 2011 10:29 pm

Re: 08/16/2018 Market Recap

Post by Cobra »

SUMMARY:

Called uptrend day right, didn't expect continuing pullback after 12 pm which was rare, so in the end, didn't make much.


NOTE:

Called bias up here (viewtopic.php?f=2&t=3023&p=258155#p258155). It was a risk (good reward then) long here since I already guessed the uptrend day before the open (viewtopic.php?f=2&t=3023&p=258150#p258150).

Called uptrend day here (viewtopic.php?f=2&t=3023&p=258164#p258164).

Honestly the pullback was large for a typical uptrend day so should be a warning, however still generally it should be bought (viewtopic.php?f=2&t=3023&p=258169#p258169).

Called a rebound here right (viewtopic.php?f=2&t=3023&p=258172#p258172). By here I was still hope a strong close as I've seen so many such kind of surprise up before the close in the past. The rebound thereafter did give me hopes which ironically was bad as it kept me from selling. The market kept falling and falling and I felt stronger and stronger like to kill myself for not selling... I should be the one to blame for today's falling and falling because I didn't sell while watching it fell and fell. Should I have sold all my longs, the market would turn up sharply immediately right after!

The close was disappointing for a supposed uptrend day.
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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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