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06/19/2018 Market Recap

06/19/2018 Market Recap

Postby Cobra » Tue Jun 19, 2018 4:56 pm

spy.png

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Re: 06/19/2018 Market Recap

Postby Cobra » Tue Jun 19, 2018 5:16 pm

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:

Followed the trading reversal rule to wait for the 2nd test of the day low before buying. However due to the lunch outside, I missed the only chance.


NOTE:

As usual, when rebound from a pullback, ema20 will tell us whether the low was in or it's still a short. By here (viewtopic.php?f=2&t=2932&p=255844#p255844) the ema20 was taken decisively so the low should be in. I was simply not sure because the rebound didn't look strong. I'd wait for the 2nd test of the low anyway.

I was lunch outside so missed the setup here which is the same setup mentioned in the yesterday's market recap where the bull signal bar got stronger and stronger (red arrow), and the target was the day high so buy on breakout of the 3rd bull signal bar should still have at least 1x profit, not perfect but still worth the bet.
2.png

When I was back, the market was here (viewtopic.php?f=2&t=2932&p=255856#p255856), since it's too close to the day high so it's not a long anymore as it's not enough for at least 1x profit.

By here (viewtopic.php?f=2&t=2932&p=255857#p255857), I was sure more up ahead which indeed, although buy would be only a scalp.

Called pullback here (viewtopic.php?f=2&t=2932&p=255863#p255863) which was correct and useful for booking profit if longed earlier.

In the end, not a bad close because all the recent bad news came at night, by now everybody should be aware already so if the market was afraid of a bad news again, the close should be weak as everyone would sell. Instead, not much sell pressure, the market remained calm, interesting.
1.png

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