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08/09/2018 Market Recap

PostPosted: Thu Aug 09, 2018 4:14 pm
by Cobra
If still is the past mad cow then down 2 days in a row was the best bears could do even though it was just a dent not even a pullback.

The question is: Is this still the past mad cow? We'll know tomorrow. A strong uptrend should never have 3 down days in a row.

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Re: 08/09/2018 Market Recap

PostPosted: Thu Aug 09, 2018 6:13 pm
by Cobra
SUMMARY:

Another day I basically had no idea where the market was doing so no trade. If we keep having such kind of days then a large scale of pullback is coming if I remember correctly.


NOTE:

The up was strong and since vacuum is rare so it looked like an uptrend day, gladly "no guts" saved me today (viewtopic.php?f=2&t=3012&p=257898#p257898). It was actually a vacuum today: When both bulls and bears agree on the same target, no one sells until near the target so the price rises fast to the target and the all of sudden everyone starts to sell, the trend reverses suddenly.

I didn't see sharp down and then sharp up, and by now it's a clear range (viewtopic.php?f=2&t=3012&p=257918#p257918), so waiting for the price to reach the buy zone. It doesn't matter if it's a triangle meaning it'd never reach the buy zone, because if it's a triangle, then no direction, I'd be on the sideline anyway.

In the end, the price fell out of the morning range low so buying at the buy zone would be stopped out. When the price fell into the buy zone, it's already near the close, so no buy anyway.
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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.