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09/06/2018 Market Recap

09/06/2018 Market Recap

Postby Cobra » Thu Sep 06, 2018 4:48 pm

Still looks like a bull flag.

spy.png

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Re: 09/06/2018 Market Recap

Postby Cobra » Thu Sep 06, 2018 4:59 pm

SUMMARY:

Similar to yesterday, it's hard to call the low was in. However based on the yesterday's experiences, I kind called the low was in without confidences and indeed it was. Too bad I didn't have the guts to long.


NOTE:

Since breakdown mostly is fake so couldn't say the breakdown was valid here (viewtopic.php?f=2&t=3054&p=258644#p258644) until the usual sharp rebound failed here (viewtopic.php?f=2&t=3054&p=258648#p258648).

Similar to that of yesterday, the rebound from 11:00 am to 12:00 pm was weak, should not count as the very first strong rebound therefore it's hard to call whether the current 2nd rebound attempt was for real or not. I was thinking might be yesterday's case once more so called some chances the low in (viewtopic.php?f=2&t=3054&p=258671#p258671).

Once again, it went up all the way to near the close, as I said, a down from open to close day is very very rare. Most down days simply have a later day reversal up.
1.png


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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