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10/12/2018 Market Recap

10/12/2018 Market Recap

Postby Cobra » Fri Oct 12, 2018 4:40 pm

Rebound as expected. Don't know whether it's over or not. Generally the pullback should not be over yet so it's just a matter of time the rebound will be over.
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Re: 10/12/2018 Market Recap

Postby Cobra » Fri Oct 12, 2018 4:56 pm

SUMMARY:

Not easy calls today, had rights and wrongs. It's basically a range day when I usually avoid making any comments (because? because it's not easy right).


NOTE:

I actually wanted to say it's uptrend day here (viewtopic.php?f=2&t=3118&p=259927#p259927). It was wrong. Again, if it's in the yesterday's range, just don't call uptrend day without careful considerations.

I basically meant bulls were over here (viewtopic.php?f=2&t=3118&p=259934#p259934). The "bulls must blah blah" was just in case I was wrong so that it could save me some faces.

Called "selling gets stronger and stronger" (viewtopic.php?f=2&t=3118&p=259939#p259939) right as I noticed (after 12 pm) bull bars were less and less (2 bulls bar when started then each rebound had just one bull bar) and weaker and weaker (one with bull body but the last one only doji) while bear bars got larger and larger.

Here (viewtopic.php?f=2&t=3118&p=259943#p259943) and here (viewtopic.php?f=2&t=3118&p=259944#p259944) basically were saying: Generally the rebound would be sold, but if it could strongly break the ema20, then the low might be in, however I could be wrong again like yesterday (so basically I had no idea what I was talking...).

Honestly it looked a lot like a higher low (viewtopic.php?f=2&t=3118&p=259946#p259946). In the old days, you bet the market would from then on up and up and up. So no regret called it wrong.

Explained I'd look at possible double bottom here (viewtopic.php?f=2&t=3118&p=259948#p259948).

I actually believed it'd be a double bottom breakout because as explained bulls should own the close today (viewtopic.php?f=2&t=3118&p=259952#p259952).

No conclusion drawn from the close.
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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.

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