05/30/2018 Market Recap

[Cobra]

[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:

Correctly recognized "this bull shall have legs" at "not too late" time, the rest of the day was easy.

NOTE:

I knew this bull shall have legs here: viewtopic.php?f=2&t=2901&p=254953#p254953. Noticed that all the recent gap ups were faded at 11 am, so I was prudent calling uptrend day but even waited after 11 am, bulls still had good chances to long (viewtopic.php?f=2&t=2901&p=254961#p254961).

The rest of the day was easy, I just kept saying "this bull shall have legs" here (viewtopic.php?f=2&t=2901&p=254963#p254963) and here (viewtopic.php?f=2&t=2901&p=254973#p254973) which actually meant to say I was still awake, please keep clicking my web site, I need clicks...

The consolidation here looked like a breakout was more likely (viewtopic.php?f=2&t=2901&p=254978#p254978).

In the end the breakout was just a head fake which happened frequently anyway. I mentioned the breakout/breakdown usually would be met by a reversal, just the breakout reversal usually is small so bulls may still have chances to try again while bears usually would not be that lucky, the reversal could be up and up and up.