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07/05/2018 Market Recap
07/05/2018 Market Recap
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Re: 07/05/2018 Market Recap
SUMMARY:
Called the low was in correct.
NOTE:
The rebound was very strong so I believed the low was in here (viewtopic.php?f=2&t=2957&p=256543#p256543). The setup here was either buy immediately or wait for the 2nd test of the day low which may or may not come. It didn't come today. The rebound was exceptionally strong so no wait was necessary I think.
Called H5 long right here (viewtopic.php?f=2&t=2957&p=256550#p256550) as it had more than 2x gains thereafter, simply because the signal bar was stronger. The trend was the signal bars got stronger and stronger and it's the 5th time now so should have chances. Anyway, as discussed before H1/H2/L1/L2 setup relies heavily on the context leading to the setup so it's very subjective.
FOMC minute at 2 pm so no comments for awhile.
By here (viewtopic.php?f=2&t=2957&p=256562#p256562) I actually thought a breakout was likely. I was just very diplomatic saying touch the upper blue line again blah blah.
In the end breakout indeed.
DISCLAIMER:
The trading log below is meant for myself only which main purpose is to help improving my market sense.
Called the low was in correct.
NOTE:
The rebound was very strong so I believed the low was in here (viewtopic.php?f=2&t=2957&p=256543#p256543). The setup here was either buy immediately or wait for the 2nd test of the day low which may or may not come. It didn't come today. The rebound was exceptionally strong so no wait was necessary I think.
Called H5 long right here (viewtopic.php?f=2&t=2957&p=256550#p256550) as it had more than 2x gains thereafter, simply because the signal bar was stronger. The trend was the signal bars got stronger and stronger and it's the 5th time now so should have chances. Anyway, as discussed before H1/H2/L1/L2 setup relies heavily on the context leading to the setup so it's very subjective.
FOMC minute at 2 pm so no comments for awhile.
By here (viewtopic.php?f=2&t=2957&p=256562#p256562) I actually thought a breakout was likely. I was just very diplomatic saying touch the upper blue line again blah blah.
In the end breakout indeed.
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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