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07/16/2018 Market Recap

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Cobra
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07/16/2018 Market Recap

Post by Cobra »

Still, valid Cup with Handle breakout or not, wait and see.
spy.png

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

Re: 07/16/2018 Market Recap

Post by Cobra »

SUMMARY:

Another range day, luckily guessed the down, the up, the down and the up right. How exactly to trade the guess is a big question though as each guess was only good for a scalp.


NOTE:

Guessed down and range day here (viewtopic.php?f=2&t=2973&p=256920#p256920).

Guessed up here (viewtopic.php?f=2&t=2973&p=256927#p256927) because the rebound this time was stronger. At the worst, there might be a slightly lower low ahead, which I didn't mention simply because I didn't want to confuse people. I mean, by here, another leg down still was possible, saying the range low was in, was a little bit of betting the luck.

Guessed more up here (viewtopic.php?f=2&t=2973&p=256935#p256935) because it looked like a Cup with Handle. I consider the guess as correct, not wrong, as again, it's a day trade, you cannot expect my call to remain the same in the next 10 minutes.

Guessed down here (viewtopic.php?f=2&t=2973&p=256946#p256946).

Guessed up here (viewtopic.php?f=2&t=2973&p=256949#p256949).

In the end, it was a typical range day.
1.png
DISCLAIMER:

The trading log above 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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