06/15/2018 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:

Thought today would be bloody because of trade war so couldn't believe Head and Shoulders Bottom initially, but later the kiss of the neckline was convincing so not a bad day.


NOTE:

Possible Head and Shoulders Bottom here (viewtopic.php?f=2&t=2927&p=255719#p255719) but I wasn't convinced, thought it'd be a bloody day for bulls.

Head and Shoulders breakout here (viewtopic.php?f=2&t=2927&p=255726#p255726). I still couldn't believe the target but I was a little convinced this time that the low was in because I saw clear higher low.

Very beautiful looking bull signal bouncing from neckline, so a good long setup here (viewtopic.php?f=2&t=2927&p=255737#p255737).

The up was so strong so I believed this bull shall have legs (viewtopic.php?f=2&t=2927&p=255738#p255738).

Record only here as I'm paper experimenting H1/H2 long idea.
Good looking bull signal bar here on the very first pullback of a strong up leg, so should be a good H1 long. The question again was where the stop loss should be? Below the signal bar low would be stopped out later. Below the start of the push up leg low (1:55 pm bar low) would mean 1x target is almost impossible unless very lucky.

The H1 long earlier was a loser if using a close stop loss. Now another good looking bull signal bar at ema20 so should be a good H2 long.

In the end, the H2 long could have made some money but it's less than 1x, not enough to recover all the losses made by H1 long earlier.