10/01/2018 Mareket Recap

[Cobra]

Still the rebound is weak.

[Cobra]

SUMMARY:

Expected an uptrend day which was not. Gladly I waited long enough instead of falling into the trap.


NOTE:

Explained how I would judge uptrend day or range day here (viewtopic.php?f=2&t=3099&p=259322#p259322).

Maybe a new knowledge learnt today: It shouldn't take this long for an initial pullback on an uptrend day. So by here I should have known it's not an uptrend day. Anyway, I didn't give up calling uptrend day here yet (viewtopic.php?f=2&t=3099&p=259333#p259333).

Now (viewtopic.php?f=2&t=3099&p=259338#p259338) it became clear, it's not an uptrend day.

Biggest red bar, long lower shadow and volume surge, so called a rebound first here (viewtopic.php?f=2&t=3099&p=259346#p259346).

By here, I saw kind of descending triangle, so called breakdown was more likely (viewtopic.php?f=2&t=3099&p=259347#p259347).

And indeed (viewtopic.php?f=2&t=3099&p=259352#p259352).

The sharp rebound before the close just meant bears were very careful, they booked profits before the close, so not for sure a good news for bulls.

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.