06/18/2018 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:

Guessed low was in but had no gut to trade. Not much meat left thereafter anyway.


NOTE:

By here (viewtopic.php?f=2&t=2930&p=255772#p255772) I thought the low was in because it broke decisively above ema20.

The pullback wasn't sharp, so likely would be bought (viewtopic.php?f=2&t=2930&p=255777#p255777).

The trading idea is to buy H1/H2/H3/H4 then:

The signal bar was weak, so no H1 here obviously.

H2 here would just be good for 1x. A little better bull signal bar but still not strong enough though.

Much better bull signal bar for H3 long.

I was sure to long here. It's a very strong bull signal bar. By here it was obvious that bulls were getting stronger and stronger.

I actually didn't think it'd be double top here (viewtopic.php?f=2&t=2930&p=255801#p255801). I didn't say because I didn't want to be sounds always bull biased.

In the end I see ascending triangle, the problem was no time left so the breakout was minor.