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08/17/2018 Market Recap

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Cobra
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08/17/2018 Market Recap

Post by Cobra »

No idea up or down from here. Since it's not far from the previous all time high so maybe will test the all time high first?
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Cobra
Site Admin
Posts: 58344
Joined: Sat Feb 12, 2011 10:29 pm

Re: 08/17/2018 Market Recap

Post by Cobra »

SUMMARY:

By the time I realized bulls should have legs, I still didn't expect it to go up far therefore totally missed the today's up. The 2 pm big up bar was a surprise anyway, I don't think I could possibly foresee that.


NOTE:

In the members area and the very first post today (viewtopic.php?f=2&t=3025&p=258183#p258183), I called rebound today. Unfortunately the belief was not strong enough to make me commit a buy, therefore I waited until here (viewtopic.php?f=2&t=3025&p=258195#p258195) where the last chance was for bears.

The breakout was strong, so by here (viewtopic.php?f=2&t=3025&p=258198#p258198), I realized at least bulls should have legs. I still wasn't sure whether it worth buying so simply waited.

Called pullback right here (viewtopic.php?f=2&t=3025&p=258200#p258200) which was the best chances to buy if missed the morning up. I decided not to buy the pullback because the pullback was a little larger than I felt comfortable which actually confirmed my view of a range day (not worth trading).

Yes, by here, I thought about killing myself for not buying the pullback (viewtopic.php?f=2&t=3025&p=258201#p258201).

Called a pullback here (viewtopic.php?f=2&t=3025&p=258204#p258204), which was a little bit earlier and the "bought" part hasn't fulfilled yet, let's see Monday.

The close was so so, didn't tell me anything.
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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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