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02/07/2019 Market Recap

02/07/2019 Market Recap

Postby Cobra » Thu Feb 07, 2019 5:18 pm

Hopefully the pullback can touch EMA20 below. It hasn't touched the EMA20 in a long time, so sooner or later it'll touch it, just don't know whether it's this pullback or the next and this is why I said "hopefully".

spy.png

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Re: 02/07/2019 Market Recap

Postby Cobra » Thu Feb 07, 2019 5:32 pm

SUMMARY:

Typical downtrend day with a later day reversal up.

NOTE:

I didn't expect big down today so I said probably it's just a range day here (viewtopic.php?f=2&t=3297&p=265108#p265108). Frankly I was already as bearish as I could be, because I didn't say it's going to be an uptrend day if it broke the EMA20 decisively. :lol:

Explained here how I'd judge downtrend day or range day (viewtopic.php?f=2&t=3297&p=265110#p265110). In short, it's bull's last chance here. Breakdown would be bad.

By here it should be clear it's a downtrend day, I just wanted to remind everyone the "later day reversal up" part (viewtopic.php?f=2&t=3297&p=265115#p265115). Sadly, simply because of the later day reversal up, it's always hard to trade on the downside.

Just a reminder a possible bottom of the day here (viewtopic.php?f=2&t=3297&p=265125#p265125).

I actually knew the low was in on the 3rd green arrow as it's a classical higher low trend reversal pattern. I didn't say anything about the 3rd green arrow because I wanted to be sure and when it's confirmed on my later comment it's already too late so trading sometimes, if not always, need guts.
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The low was confirmed in here but it was too late (viewtopic.php?f=2&t=3297&p=265141#p265141).

The close was not bad but could be just bears were very careful, which if true, it's actually not a good news for bulls.
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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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