07/30/2018 Market Recap

[Cobra]

[Cobra]

SUMMARY:

Called breakdown right but didn't expect it to go far so waited the whole day for the trading reversals (long) setup which unfortunately wasn't triggered.


NOTE:

Called breakdown here (viewtopic.php?f=2&t=2995&p=257511#p257511). But I honestly didn't think it'd go far as judging by the open it looked like a range day.

Called rebound would be sold here (viewtopic.php?f=2&t=2995&p=257533#p257533). The ema gap short should be a loser if followed. I found Al Brooks setups have no magics unlike what I thought before. I mean the setups make lots of sense so can definitely be referenced, but they're not the holy grail, traders will still have to consider the context leading to the setup.

Reminded trading reversals (long) setup here (viewtopic.php?f=2&t=2995&p=257548#p257548), which I've been waiting whole day. Unfortunately it came too late (almost near the close) no to mention the setup was not triggered. The setup also came from Al Brooks, I think it makes senses although like his other setups, the winning rate is not high (no magic).

In the end, another typical down trend day - Down from open until afternoon then a reversal up attempt which in today's case, failed. A down from open to close day is rare, today is kind of such a rare day which means we'll then have to wait for awhile before another down from open to close day. Let's see.

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.