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09/12/2018 Market Recap

09/12/2018 Market Recap

Postby Cobra » Wed Sep 12, 2018 4:21 pm

Bulls still are not convincing.

spy.png

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Re: 09/12/2018 Market Recap

Postby Cobra » Wed Sep 12, 2018 4:35 pm

SUMMARY:

Guessed the range day right but I had almost no idea what the market was doing whole day so kept quiet. If I kept blah blah just in order to attract visits, I'd be wrong the rest of the day.


NOTE:

Didn't see the spike coming, thought more likely to go down, gladly I didn't comment (viewtopic.php?f=2&t=3063&p=258902#p258902). I was right though it's still a range, instead of up and up and up. The reason is in a range day, most breakout attempts would fail. I have to guess the range right of course, so in the end it's still nothing but a guess. How did I know it'd be a range day today? It's, it's just a feeling. The market is like a person, it runs sometimes but it will get tired and take a rest for a few days. I'm inclined not to trade during those tired days.

If I wasn't quiet today, I'd have guessed measured move down here. I'd have added "?" at the end of my comment though.
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If I wasn't quiet today, I'd have guessed measured move up here with confidences because the up was really strong.
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The close looked like the later day up was the real direction, just some people didn't want to hold longs overnight, so gap up tomorrow?
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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