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05/25/2018 Market Recap

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Cobra
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05/25/2018 Market Recap

Post by Cobra »

Still could be ascending triangle so I cannot say the chart is bearish, although it has been disappointing for bulls recently.
spy.png

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Cobra
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Re: 05/25/2018 Market Recap

Post by Cobra »

DISCLAIMER:

The trading log below 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.


SUMMARY:

Overall, glad I didn't trade today as I guessed wrong twice about the range low.


NOTE:

I was right to be prudent here (viewtopic.php?f=2&t=2896&p=254785#p254785). Why didn't short? Because I'm just a follower, I don't front run, I always let the market go first.

Just a note, triangle in theory is a continuation pattern but in reality seems more likely a reversal pattern to me (viewtopic.php?f=2&t=2896&p=254786#p254786).

Correctly called for visiting range low here (viewtopic.php?f=2&t=2896&p=254788#p254788). It was a clear breakdown. As usual, since the target was the day low which was too close to have a good risk reward ratio, so I didn't short even the breakdown was clear.

Wrong guessing range low here (viewtopic.php?f=2&t=2896&p=254790#p254790). The reason for the guess was it dropped in the range's lowest 1/4 zone and the 2 bull bars looked not bad.

Another wrong guess here (viewtopic.php?f=2&t=2896&p=254799#p254799). This time the guess was because the rebound exceeded the mini rebound target. It's actually just hit the target instead of exceeding it so it was a bad call.

The range low was in fact the next dip. Anyway, glad, I decided no to trade on a range day. It was indeed the 3rd time charm (morning dips were bought aggressively the previous 2 days but the 3rd day today, the dip buying at least appeared much much later than the previous 2 days and the rebound was weaker).
5.png

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tsf
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Joined: Tue Feb 15, 2011 7:49 am

Re: 05/25/2018 Market Recap

Post by tsf »

Cobra,
I like the new improved design of your Market Recap. Thank you.
Thank you also for your Market Recap itself.
I find it comforting to know that some days were challenging for real pros like you,
not just for newbies like me.
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Cobra
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Joined: Sat Feb 12, 2011 10:29 pm

Re: 05/25/2018 Market Recap

Post by Cobra »

tsf wrote:Cobra,
I like the new improved design of your Market Recap. Thank you.
Thank you also for your Market Recap itself.
I find it comforting to know that some days were challenging for real pros like you,
not just for newbies like me.

Thank you. Day trading really is not my strongest point, so probably I have more bad days than those who only do day tradings for living.

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