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06/20/2018 Market Recap

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Cobra
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06/20/2018 Market Recap

Post by Cobra »

No idea whether the rebound was over or not, need see tomorrow.
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Cobra
Site Admin
Posts: 58344
Joined: Sat Feb 12, 2011 10:29 pm

Re: 06/20/2018 Market Recap

Post by 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:

Was once looked like an uptrend day but failed at the 2nd test of the day high which was a typical trend reversal setup.


NOTE:

Called range heere (viewtopic.php?f=2&t=2934&p=255900#p255900) and indeed the assumed range high was tested (viewtopic.php?f=2&t=2934&p=255906#p255906).

The breakout of the assumed range high looked promising (viewtopic.php?f=2&t=2934&p=255912#p255912), which for a time being even made me believe an uptrend day may have chances (viewtopic.php?f=2&t=2934&p=255913#p255913).

Typical trend reversal setup (viewtopic.php?f=2&t=2934&p=255919#p255919) so the hope of an uptrend day vanished here. It was not what I expected, so I didn't trade.

In the end, the double top or 1-2-3 formation text book target (pink tinted area) was fulfilled.
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