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08/07/2018 Market Recap

08/07/2018 Market Recap

Postby Cobra » Tue Aug 07, 2018 4:55 pm

spy.png

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Re: 08/07/2018 Market Recap

Postby Cobra » Tue Aug 07, 2018 5:12 pm

SUMMARY:

Thought it was an uptrend day but instead it was a range day. However the market tried several times to make a breakout therefore bulls should have plenty of chances to exit flat.


NOTE:

Looked like another uptrend day here (viewtopic.php?f=2&t=3008&p=257818#p257818). Didn't expect big up though.

The market tried 3 times to make a breakout (viewtopic.php?f=2&t=3008&p=257830#p257830) and (viewtopic.php?f=2&t=3008&p=257835#p257835) and (viewtopic.php?f=2&t=3008&p=257839#p257839). It looked more and more like an ascending triangle therefore a breakout was more likely.

In the end the break was on the downside. Too bad, but it happens, what predicted by a chart pattern is just higher odds, the pattern itself has no magic, otherwise trading would be very easy.
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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