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11/06/2018 Market Recap

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Cobra
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11/06/2018 Market Recap

Post by Cobra »

Multiple resistances coincide with an very important day today. Let's wait and see.
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Cobra
Site Admin
Posts: 58344
Joined: Sat Feb 12, 2011 10:29 pm

Re: 11/06/2018 Market Recap

Post by Cobra »

SUMMARY:

Classical answers for why better not trade in a range day.


NOTE:

I knew it's a range day here (viewtopic.php?f=2&t=3156&p=260990#p260990). Too bad I didn't even listen to myself.

The bull bar looked really good so I couldn't wait for the follow through (viewtopic.php?f=2&t=3156&p=260997#p260997). Bad decision, again, it's a range day, nothing last.

So now I remembered it's a range day (viewtopic.php?f=2&t=3156&p=261002#p261002).

Breakout looked really likely here (viewtopic.php?f=2&t=3156&p=261011#p261011) so I forgot to mention it's a range day.

The breakout failed, the pullback was fast which normally should have 2 legs and this is why I thought the rebound would be sold (viewtopic.php?f=2&t=3156&p=261022#p261022). Too bad, it's a range day, nothing last.

In the end the rebound went all the way to the range high and even broke it, which seemed that the market was expecting a favorable election results tonight. I'll remember to keep my mouse shut in a range day.
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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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