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07/24/2018 Market Recap

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Cobra
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07/24/2018 Market Recap

Post by Cobra »

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Cobra
Site Admin
Posts: 58336
Joined: Sat Feb 12, 2011 10:29 pm

Re: 07/24/2018 Market Recap

Post by Cobra »

SUMMARY:

Was prudent calling uptrend day, good, was very confident in buying the double bottom, wrong, surrendered to bears on failed double bottom, good, called the rebound right.


NOTE:

I actually believed the day should be an uptrend day here (viewtopic.php?f=2&t=2986&p=257288#p257288). Despite my belief, there's no confirmation yet which prevented me to long although I was very tempted.

The breakout was indeed but it's not strong so my head finally cooled here but still I believed the pullback should be bought (viewtopic.php?f=2&t=2986&p=257293#p257293).

Didn't expect this sharp pullback. The comment here actually meant "no hurry buying the dip now" (viewtopic.php?f=2&t=2986&p=257298#p257298). I was still in bull camp as I saw way too many times the pullback turned out to be a bear trap.

Given the open looked more like an uptrend day and the signal bar was very good, so I was actually confident it was a double bottom here (viewtopic.php?f=2&t=2986&p=257307#p257307).

Good signal bar (as mentioned above), good entry bar, broke the neckline (although not strong which was a problem but at that time I didn't read into it much) I was sure about the double bottom so went further providing the text book target (viewtopic.php?f=2&t=2986&p=257309#p257309).

By here (viewtopic.php?f=2&t=2986&p=257311#p257311), I finally realized bulls might be in trouble because those like me who longed on double bottom were trapped, a break down here would trigger many many stop losses therefore a measured move down (at least) was very likely.

I actually meant no cover here (viewtopic.php?f=2&t=2986&p=257322#p257322).

Called rebound because of volume surge. I actually believe the low was in here (viewtopic.php?f=2&t=2986&p=257325#p257325). It may still have a higher low test sometimes, I just didn't want to provide too much info so people would feel confused so I didn't say much here.

In the end there's no higher low test, not a bad close actually.
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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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