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10/08/2018 Market Recap

10/08/2018 Market Recap

Postby Cobra » Mon Oct 08, 2018 4:51 pm

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Re: 10/08/2018 Market Recap

Postby Cobra » Mon Oct 08, 2018 5:08 pm

SUMMARY:

Back and forth for awhile but eventually I got the bottom right.


NOTE:

I was too optimistic here (viewtopic.php?f=2&t=3110&p=259602#p259602), it's a mistake.

Still thought uptrend day possible, but I was finally cool headed here (viewtopic.php?f=2&t=3110&p=259609#p259609).

Called more pullback right (viewtopic.php?f=2&t=3110&p=259616#p259616).

Volume surge plus red bars got wider and wider so calling a rebound here (viewtopic.php?f=2&t=3110&p=259622#p259622) which was one 5 min bar earlier though.

Called bear flag right (viewtopic.php?f=2&t=3110&p=259628#p259628).

The very first call of double bottom (viewtopic.php?f=2&t=3110&p=259635#p259635). I almost longed here then I decided to wait for the breakout to be sure.

No breakout, now the chart favored bears (viewtopic.php?f=2&t=3110&p=259636#p259636).

Called double bottom again, this time I was prudent enough to wait after a valid breakout (viewtopic.php?f=2&t=3110&p=259638#p259638). The bigger picture was a 3 push down which I mentioned in the members only report, so combining 2 factors, I was confident to call the low was in.

In the end, it's another V reversal day. Told you whenever rebound starts, more likely bears are over, it's just, well, sad, for bears.
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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.

Like to read more of my commentaries? Please subscribe my Daily Market Report.
Subscribers can find all the members only posts HERE.
StockCharts members, please vote for me HERE, thanks.
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