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07/18/2018 Market Recap

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Cobra
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07/18/2018 Market Recap

Post by Cobra »

Still the next resistance is the all time high (horizontal blue line above).
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Cobra
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Re: 07/18/2018 Market Recap

Post by Cobra »

SUMMARY:

Missed the double bottom which perhaps the best setup of the day.


NOTE:

Guessed range day at open (viewtopic.php?f=2&t=2977&p=257029#p257029).

I noticed the double bottom here. Was not very sure, so didn't say anything. It perhaps the best setup today.
2.png
The double bottom should be confirmed here which was already too late to long because it's very near the yesterday's high which likely would be a resistance by now. Yes, at this stage, I really wished to kill myself (which means I knew I missed).
3.png
By here it didn't look like a range day anymore (viewtopic.php?f=2&t=2977&p=257042#p257042). I was still careful about my words, but again, I really wanted to kill myself for missing the double bottom earlier.

The breakout was clear so I believed this bull shall have legs (viewtopic.php?f=2&t=2977&p=257052#p257052).

The pullback indeed was bought but not as I expected (viewtopic.php?f=2&t=2977&p=257074#p257074). According to Al Brooks, he would never buy more than H4, yet it was H5 long.

In the end, a good close. If not because the close was near, I'd say a breakout was likely.
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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.
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daytradingES
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Re: 07/18/2018 Market Recap

Post by daytradingES »

Double low of 2807.00 at 09:17 and at 9:37
was about the o/n low
2807.50 7:30

ES
Educational only and not trading advice (EO&NTA) :)
Good trading to all
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Cobra
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Re: 07/18/2018 Market Recap

Post by Cobra »

daytradingES wrote:Double low of 2807.00 at 09:17 and at 9:37
was about the o/n low
2807.50 7:30

ES
I think you meant 8:30 overnight low. It did help identifying the low in the regular trading hours.

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