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12/11/2018 Market Recap

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Cobra
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12/11/2018 Market Recap

Post by Cobra »

Not a good looking chart but cannot say bulls are over yet, need see tomorrow.
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User avatar
Cobra
Site Admin
Posts: 58344
Joined: Sat Feb 12, 2011 10:29 pm

Re: 12/11/2018 Market Recap

Post by Cobra »

SUMMARY:

Started like an uptrend day but bulls failed, called more down right and the low was in right but it's hard to make money if simply buy and hold and this is why better avoid trading on range day.

NOTE:

Looked breakout was very likely here (viewtopic.php?f=2&t=3207&p=262746#p262746).

Too bad, bulls couldn't make the breakout.

Looked breakdown was very likely here (viewtopic.php?f=2&t=3207&p=262801#p262801)

It was right but you had to know where to book profit which was hard.

Called the low was in right here (viewtopic.php?f=2&t=3207&p=262810#p262810).

But again, you had to know where to book profit which was hard. I bought when I called the low was in, but I didn't make money eventually, the market looked for two times like it wanted to go up and up but it failed, when I realized the failure it was already too late.

The close didn't tell me any useful thing for tomorrow. Cannot say it's bearish yet because the sell off before the close could be a revisit of the previous low before turning up.
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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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