10/30/2018 Market Recap

[Cobra]

Follow through wanted. SPX hasn't had 2 consecutive up days for millions of years now.

[Cobra]

SUMMARY:

I knew today would be different simply because the rebound from yesterday and in the morning was so strong so the pullback should be bought instead of another sell off. The 2 legged pullback intraday made me a little nervous but fortunately it wasn't so bad that was enough to make me lose all my confidences.


NOTE:

I believed today would be different (viewtopic.php?f=2&t=3145&p=260683#p260683).

It's the 2nd test of the day high here so sharp pullback would mean the top was in (viewtopic.php?f=2&t=3145&p=260689#p260689).

The pullback was not sharp but still scary enough to test my belief. However since it's not sharp so I didn't lose all the confidences although I really was scared to call the low was in until I saw a not bad bull bar breakout here (viewtopic.php?f=2&t=3145&p=260716#p260716).

Just a reminder here (viewtopic.php?f=2&t=3145&p=260717#p260717). The twitter post might be clearer what I meant here "
so far it's range day so beware the pullback may go all the way to the range low which is day low. Not saying it'll, just be ready"

Still in theory could pull back from here to the range low so another reminder (viewtopic.php?f=2&t=3145&p=260720#p260720). But honestly by here I believed bulls would win today because it's the 3rd test of the range high now so the chances of breakout should be higher than when it was just the 2nd test.

The breakout (I know too early but it can prove that I did believe bulls would win) confirmed my view so I couldn't wait to yell out (viewtopic.php?f=2&t=3145&p=260722#p260722).

In the end, not a bad close. I sold some swing positions I bought yesterday, which usually means I'd regret tomorrow therefore probably up tomorrow? So if tomorrow is up, you know why.

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.