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05/21/2018 Market Recap

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Cobra
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05/21/2018 Market Recap

Post by Cobra »

Pennant breakout, not decisive but for now bias still is up.
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Cobra
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Posts: 58333
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Re: 05/21/2018 Market Recap

Post by Cobra »

The day trade today.

By here, it looked like an uptrend day (viewtopic.php?f=2&t=2886&p=254456#p254456).

Too bad, it was wrong (viewtopic.php?f=2&t=2886&p=254466#p254466). This kind of thing unfortunately happens sometimes, otherwise trading would be too easy and I'd be already the richest man in the world. Anyway, by here, it looks like bear may have legs but as usual, I had no confidences in bears so I usually try my best not to short, at least I'd see how the rebound went first.

If indeed bears had legs, it usually should fail around EMA20 (viewtopic.php?f=2&t=2886&p=254471#p254471). Went straight up would mean it'd be a range day.

It went straight up so now I knew it's a range day (viewtopic.php?f=2&t=2886&p=254476#p254476), and since it's too close to the range high so buying here would have bad risk reward. It did look like bias was up at here though.

Indeed the bias was up but it didn't go far before it went down and also wasn't down much so the rest of the day I had no idea what to do, well, still it's better than losing money.
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