08/24/2018 Market Recap

[Cobra]

[Cobra]

SUMMARY:

Called uptrend day right in the morning, not easy to hold the winning position till the close though.


NOTE:

I was convinced the day should be an uptrend day here (viewtopic.php?f=2&t=3036&p=258366#p258366) simply because of the 3rd time's charm. The market cannot repeat the same pattern again and again and again, today should have very good chances being different.

Called the rebound right here (viewtopic.php?f=2&t=3036&p=258381#p258381). I didn't expect the rebound to go all the way up, so it's not easy to hold long positions here especially if the entry was late, like when I called the uptrend day. For the most people the entry could be 5 minutes earlier than I called as I simply needed sometime to do the trade then write the post, copy to twitter then copy to the other Chinese web site. Anyway, I always prefer to book partial profits which should make easier to hold the pullback. As shown in the chart below, bulls had a clear booking profit signal today: Each bear signal bar got stronger and stronger.

The rule (viewtopic.php?f=2&t=3036&p=258384#p258384) is always betting bears going to fail, then you'd be fine most of the time. Honestly I hate this as it makes predicting the market basically a joke which I've been devoting my life to achieve. Well, I just learnt from a good feedback today: Don't fight the superpower such as the market, I have 0 chances, so I must yield and find the opening, so just get used to "don't trust any bear pattern", who cares it's reasonable or not...

In the end it's still a lower high therefore some chances that the lower high trend reversal would happen in the next Monday. Let's see. I remain skeptical about today's up, need a huge up the next Monday to convince me.

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.