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12/07/2018 Market Recap

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Cobra
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12/07/2018 Market Recap

Post by Cobra »

Now chart looks ugly, test the Oct 29 lows (blue line) might be a sure thing. I said Huawei event might be deadly depends on how China acts. Allow bailing today would ease the tension which would be the very first good gesture toward a trade deal (as of now not court decision yet). The chart looked beautiful yesterday and yet it turned out ugly today, while the chart now looks ugly so maybe it'd be not that bad the next Monday. I mean too much uncertainties here, trade lightly, please.
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Cobra
Site Admin
Posts: 58344
Joined: Sat Feb 12, 2011 10:29 pm

Re: 12/07/2018 Market Recap

Post by Cobra »

SUMMARY:

Didn't call downtrend day because it's selling into yesterday's range the whole day, in this case, too many possible supports along the way down therefore trend was not reliable. I now avoid following the trend in this kind of day.

NOTE:

If you read the SUMMARY above then you'd understand why I said even sharp down it's still a range day (viewtopic.php?f=2&t=3202&p=262618#p262618). Well, more precisely it's a downtrend day, just no matter what it's not reliable enough for me, just for me, to take a trade.

The rebound did go a little far (viewtopic.php?f=2&t=3202&p=262618#p262618). Then the revisit of the day low made new decisive new low therefore not bottom. I didn't call bottom, did I?

Just a statement here (viewtopic.php?f=2&t=3202&p=262651#p262651), I didn't know whether the test would be successful or not. I didn't care anyway since again it's within the yesterday's range so the trend couldn't be trusted therefore I didn't take any trade.

I actually meant the close might not be very ugly (viewtopic.php?f=2&t=3202&p=262657#p262657).

Well, it's not a very ugly close but not good enough to tell me anything useful. Let's see how the court rules out. My guess is bail OK. I just couldn't help thinking what if the bail not OK and China decides to retaliate? Would the market crash Sunday night? So far from all the info I gathered, my guess is even the bail not OK, China won't retaliate. It will do nothing but to protest orally as USUAL and the market would soon find out and clam down eventually. Yesterday, I thought it'd be the end of the world if no bail. Well, let's see.
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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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