08/21/2018 Market Recap

[Cobra]

[Cobra]

SUMMARY:

Guessed uptrend day, had doubt, then convinced (uptrend day) again, in the end it's not.


NOTE:

I actually thought good chances it'd be an uptrend day today here (viewtopic.php?f=2&t=3030&p=258252#p258252).

Claimed uptrend day here (viewtopic.php?f=2&t=3030&p=258256#p258256).

Had doubt about the uptrend day here (viewtopic.php?f=2&t=3030&p=258259#p258259) because the pullback was too sharp which shouldn't happen in an uptrend day.

Convinced it's an uptrend day again here (viewtopic.php?f=2&t=3030&p=258263#p258263).

It's a typical trading reversals setup so some chances the high was in (viewtopic.php?f=2&t=3030&p=258266#p258266). At this stage, it's far from confirmed, all I had was a instinct (aka guess).

Only by here I realized the top was indeed in (viewtopic.php?f=2&t=3030&p=258270#p258270). "Bear may have legs" means to wait for L1/L2 short setup or simply just short immediately. I generally avoid short of course, so didn't do anything.

Calling double bottom here (viewtopic.php?f=2&t=3030&p=258278#p258278) which generally had better chances than betting on the downside so it's not just a guess, it's what was in the past so it's experiences. It didn't work today though.

In the end, not a good close. I expect a pullback tomorrow.

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.