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08/30/2018 Market Recap

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Cobra
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08/30/2018 Market Recap

Post by Cobra »

So "far less than 50% chances" actually happened today. Accordingly, should pullback for a few days? Or it'll be the 3rd time's charm?
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User avatar
Cobra
Site Admin
Posts: 58344
Joined: Sat Feb 12, 2011 10:29 pm

Re: 08/30/2018 Market Recap

Post by Cobra »

SUMMARY:

It was a range day as guessed. Made just 2 comments today simply because I had no idea what the market was doing. If I simply kept making comments, I'd make lots of mistakes today.


NOTE:

Guessed the range low here (viewtopic.php?f=2&t=3045&p=258498#p258498) which looked right for awhile then Trump ruined it.

Looked like a range high here so should have called pullback to the range low. I decided to wait for a few bars. Well, bad decision. The pullback to the range low happened within just a few seconds.
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For several times, I almost called 100% measured move down. Gladly I decided to wait for a few bars. See, sometimes it's good to wait and sometimes it's not. I'll stick to wait for a few more bars because a sharp down in a few seconds should be rare, right?
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Couldn't draw any conclusion from the close...
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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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