06/04/2018 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:

Hard to tell trend day or range day until well after 11 am. The trade was easier though, because no matter trend day or range day it was at range low therefore at least it'd go up to near the morning high first. The key was to find the range low.


NOTE:

H2 long, testing ema20, near morning low so I thought up was more likely (viewtopic.php?f=2&t=2908&p=255196#p255196). Again, eventually the H2 only made 1x. So maybe the H1/H2/L1/L2 setup should be targeting only 1x?

I was relatively sure about range low here (viewtopic.php?f=2&t=2908&p=255203#p255203) because it was a typical final flag (the pullback after the rebound made just a slightly lower low and it's 2 or 3 legs down already) and near the morning low and QQQ below looked very likely would have a breakout which I reminded everyone later here (viewtopic.php?f=2&t=2908&p=255204#p255204) for record purpose.

At this stage it was clear the target at least was the day high (viewtopic.php?f=2&t=2908&p=255211#p255211).

It turned out that bulls spent whole day working toward the morning high. It's a boring day but those who bought at the range low where I said twice up would have a easy day to make money, as I said in the summary session, it doesn't matter trend day or range day, because at least it needs to go up to probably the morning high first.