06/05/2018 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:

Morning H1 long failed, but guessed the pullback to range low and the rebound from range low directly to range high right. It's a guess so no trade. I'll need see how many times I guessed right first.


NOTE:

The H1 was wrong (viewtopic.php?f=2&t=2910&p=255259#p255259), no complain, the signal bar was strong, the time (still early in the morning) was perfect. Maybe buying the morning dip should wait after a good signal bar and a good entry bar?

By here it's a clear down (viewtopic.php?f=2&t=2910&p=255263#p255263).

Double bottom here (viewtopic.php?f=2&t=2910&p=255272#p255272), so should be a rebound. When rebound below ema20, need wait to see if it can break ema20 decisively to know whether there'd be a 2nd test of the low before going up and up or it'd go straight up.

Since the rebound broke the ema20 (viewtopic.php?f=2&t=2910&p=255276#p255276) so likely it'd go straight up. And indeed it went (viewtopic.php?f=2&t=2910&p=255284#p255284).

The close wasn't bad, so maybe still a little up tomorrow? I do expect a pullback in the next couple of days simply because of the Doji on the daily chart. The 60 min chart actually is more likely up than down but my experiences are the higher time frame chart usually rules. Let's see.