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11/14/2018 Market Recap
11/14/2018 Market Recap
Please note I didn't say "tomorrow", I said "as early as". The volume surge today was not very satisfying although OK for a rebound so it's also possible even bigger volume tomorrow before the rebound.
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Re: 11/14/2018 Market Recap
SUMMARY:
Didn't realize it's a downtrend day until too late. Expected a revisit of the low but was tricked by the market. The revisit did come but it's near the close which made it hard to tell as the market might turn at anytime during the last 30 minutes.
NOTE:
I actually thought the range low was here (viewtopic.php?f=2&t=3169&p=261308#p261308).
The breakdown here made me finally realize that it's a downtrend day. Well, it's too late.
The very first step of a trading reversals setup (viewtopic.php?f=2&t=3169&p=261349#p261349) I was waiting for the revisit to buy.
Instead of a revisit, it was simply up and up so I had to chase, thinking there'd be no revisit this time (viewtopic.php?f=2&t=3169&p=261358#p261358).
Well, wrong, the revisit came right before the close which made it hard to call because it could turn up anytime in the last 30 minutes. No conclusion drawn from the close. The sharp rebound and then sharp pullback could be due to some news which wasn't clear at the first then it appeared maybe not as thought but you never know, maybe later it becomes clear or denied and how the market would react also hard to tell.
DISCLAIMER:
The trading log above is meant for myself only which main purpose is to help improving my market sense.
Didn't realize it's a downtrend day until too late. Expected a revisit of the low but was tricked by the market. The revisit did come but it's near the close which made it hard to tell as the market might turn at anytime during the last 30 minutes.
NOTE:
I actually thought the range low was here (viewtopic.php?f=2&t=3169&p=261308#p261308).
The breakdown here made me finally realize that it's a downtrend day. Well, it's too late.
Instead of a revisit, it was simply up and up so I had to chase, thinking there'd be no revisit this time (viewtopic.php?f=2&t=3169&p=261358#p261358).
Well, wrong, the revisit came right before the close which made it hard to call because it could turn up anytime in the last 30 minutes. No conclusion drawn from the close. The sharp rebound and then sharp pullback could be due to some news which wasn't clear at the first then it appeared maybe not as thought but you never know, maybe later it becomes clear or denied and how the market would react also hard to tell.
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.