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08/27/2018 Market Recap

08/27/2018 Market Recap

Postby Cobra » Mon Aug 27, 2018 4:37 pm

Bears were slaughtered again. It's like building a reversal pattern and bears worked and worked and the shape of the pattern became clearer and clearer day by day and then one day, all of sudden, the pattern collapsed. Bears will have to start over again. So, I'm not saying the chart is very bullish (I certainly don't see anything wrong though), I'm saying, bears will need sometimes to rebuild a top pattern, until then, their chances probably are not good.
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Re: 08/27/2018 Market Recap

Postby Cobra » Mon Aug 27, 2018 4:48 pm

SUMMARY:

Very strong start but it's basically a range day which I mentioned in the members only report, thought I mentioned here too, oops.


NOTE:

Mentioned h1 long setup here (viewtopic.php?f=2&t=3039&p=258398#p258398). It indeed touched ema20 later before going up though.

Called pullback here because of many doji bars (viewtopic.php?f=2&t=3039&p=258404#p258404).

The pullback actually last till the close, although not down much. Anyway I took the time to kill lots of orcs, bandits, goblins and undeads.
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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.

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