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03/15/2019 Market Recap

03/15/2019 Market Recap

Postby Cobra » Fri Mar 15, 2019 5:02 pm

Long upper shadow so it's a weak bull bar, therefore could be a pullback as early as the next Monday.
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Re: 03/15/2019 Market Recap

Postby Cobra » Fri Mar 15, 2019 5:21 pm

SUMMARY:

Not a typical uptrend day so failed to see the half day strong up, failed to see the pullback in the afternoon wouldn't be bought. So bad day but it happens.

NOTE:

Called range day here (viewtopic.php?f=2&t=3352&p=266217#p266217).

The big bull bar made the uptrend day possible but maybe too late to buy then (viewtopic.php?f=2&t=3352&p=266224#p266224), so the decision to wait to buy the pullback was right.

It's a typical ema20 long setup here (viewtopic.php?f=2&t=3352&p=266231#p266231).

Too bad it failed. Maybe it's the warning I should take seriously. It's actually a lower high trend reversal. But I thought it's just a 2 legged pullback today, not common but it does happen sometimes so didn't take the warning seriously even by here (viewtopic.php?f=2&t=3352&p=266234#p266234).

I was really confident about this pattern being a bottom (viewtopic.php?f=2&t=3352&p=266240#p266240). Till now I still think it's simply because the close was near therefore no pattern could apply otherwise it should be bottomed here. I mean the next time I see such a pattern, I'll still call bottom for sure.

The close wasn't as bad as I commented here (viewtopic.php?f=2&t=3352&p=266245#p266245), so I took back what I said about gap down Monday but no doubt the daily bar doesn't look good so pullback as early as the next Monday still possible.
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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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