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06/27/2018 Market Recap

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Cobra
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06/27/2018 Market Recap

Post by Cobra »

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Cobra
Site Admin
Posts: 58344
Joined: Sat Feb 12, 2011 10:29 pm

Re: 06/27/2018 Market Recap

Post by Cobra »

SUMMARY:

Started like an uptrend day, glad I was prudent waiting for 11 am because all the recent bull days were reversed around then. Realized this bear shall have legs around noon. Bears finally had a down and down day which ironically means "don't count on down and down days from now on for awhile" as down and down days were very rare.


NOTE:

By here (viewtopic.php?f=2&t=2946&p=256240#p256240), it looked like an uptrend day. Just the recent trend was the up got reversed around 11 am, so I mentioned "I wasn't sure" subtly here.

Reminded the resistances here (viewtopic.php?f=2&t=2946&p=256243#p256243) and it worked this time (viewtopic.php?f=2&t=2946&p=256254#p256254). Generally betting on resistance and support are similar to toss a coin. Only occasionally ONE of THEM works. And by the way the call here for more pullback was right, again, this is day trade, don't expect me to say something and after 10 minutes it's still valid. It may or may not. No, I didn't believe the resistances would work until here. I wish I'd believed!

By here (viewtopic.php?f=2&t=2946&p=256263#p256263), it looked like a range day.

Wrong, it's not a range day, and I finally realized this bear shall have legs here (viewtopic.php?f=2&t=2946&p=256268#p256268). Reason was mentioned in the link.

The rest of the day holding bear position was tough but not very hard, as every rebounds seemed strong but I saw way harder days so overall, difficult (as always for bears) but not entirely not doable. In the end finally bears had a down and down day which ironically means no more down and down days for awhile as down and down days were very rare.
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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.

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