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08/31/2018 Market Recap

08/31/2018 Market Recap

Postby Cobra » Fri Aug 31, 2018 4:11 pm

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Re: 08/31/2018 Market Recap

Postby Cobra » Fri Aug 31, 2018 4:58 pm

SUMMARY:

Another range day so spent most of the day doing nothing (except as usual, you know, killing orcs...). Missed the double bottom which shouldn't be as now when I'm looking back, it was obvious if considering the context leading to the pattern.


NOTE:

By here, it's clear that at the best it's a range day so the target at least should be the yesterday's low (viewtopic.php?f=2&t=3047&p=258539#p258539).

As usual, we shouldn't trust the most breakdown (viewtopic.php?f=2&t=3047&p=258547#p258547).

Really wasn't sure whether it'd be double bottom here (viewtopic.php?f=2&t=3047&p=258558#p258558). Now looking back, it's several legs down already before the potential double bottom so the double bottom should have good chances. I simply wasn't focused today, it's a mistake.

In the end, it is a double bottom. Strong close might mean up the next trading day.
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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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