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12/17/2018 Market Recap

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Cobra
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12/17/2018 Market Recap

Post by Cobra »

May test Feb lows tomorrow. A little volume surge today but not enough so signal panic.
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Cobra
Site Admin
Posts: 58344
Joined: Sat Feb 12, 2011 10:29 pm

Re: 12/17/2018 Market Recap

Post by Cobra »

SUMMARY:

Good, didn't fall for the sharp rebound in the morning but after the morning low was taken decisively around 2 pm, I didn't know what to do as I found hard to believe it could go further down that much.

NOTE:

I couldn't believe the low was in just this simple (viewtopic.php?f=2&t=3216&p=263022#p263022). I was tempt to buy twice honestly.

By here it was clear, the rebound earlier was just a vacuum up (viewtopic.php?f=2&t=3216&p=263035#p263035). However, at this stage, I believed it's just a range day, it would rebound around the day low.

By here it's finally clear it's a downtrend day but I couldn't be sure anymore because the good part of the day had already gone, so I kept quiet.
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The rebound before the close didn't mean anything. Bears got lots of profits so naturally would like to book some before the close, so actually the rebound was not necessarily a good news to bulls (bears covered means no more potential buyers).
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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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