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09/07/2018 Market Recap

09/07/2018 Market Recap

Postby Cobra » Fri Sep 07, 2018 4:13 pm

Still looks like a bull flag.

spy.png

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Re: 09/07/2018 Market Recap

Postby Cobra » Fri Sep 07, 2018 4:26 pm

SUMMARY:

It looked like an uptrend day until noon, then someone's speech changed it. Technically for me, to wait until the range breakout was the right thing to do.


NOTE:

Until now it looked like an uptrend day (viewtopic.php?f=2&t=3056&p=258722#p258722). I was waiting for the range breakout to confirm.

News wise, it's you-know-who's speech beat the market, technically it's the resistances (yesterday's rebound high plus 60 min ema 20 which has been rejected all the recent rebound) worked (viewtopic.php?f=2&t=3056&p=258725#p258725). I think it's the result of both factors.

I had no idea what the market was doing the rest of the day so kept quite. At the moment shown in the chart below I almost called more down because it's a triangle. However, again, it proved that nowadays triangle is mostly reversal pattern instead of a continuation pattern. Gladly I waited a little bit. It's really hard to call in a range day.
3.png


The close wasn't too bad for bulls.
2.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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