Back to www.cobrasmarketview.com

04/02/2019 Market Recap

Post Reply
User avatar
Cobra
Site Admin
Posts: 58344
Joined: Sat Feb 12, 2011 10:29 pm

04/02/2019 Market Recap

Post by Cobra »

Filled black bar again so pullback as early as tomorrow?
Attachments
spy.png

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.
User avatar
Cobra
Site Admin
Posts: 58344
Joined: Sat Feb 12, 2011 10:29 pm

Re: 04/02/2019 Market Recap

Post by Cobra »

SUMMARY:

The same as yesterday, got the ascending triangle right. The difference was yesterday was an uptrend day so trading breakout should be fine, while today was a range day so the breakout was only good for a scalp or even shouldn't trade the breakout as in a range day, nothing can be trusted.

NOTE:

Called range day here (viewtopic.php?f=2&t=3380&p=266907#p266907). It's important info as it's enough to save me from shorting the 11 am breakdown which turned out to be once again a breakdown then sharp reversal up.

Called ascending triangle here (viewtopic.php?f=2&t=3380&p=266926#p266926). It indeed had a breakout later although just good for a scalp, held to the close would be bad, but again, it's a range day, not supposed to hold and even not supposed to actually trade the breakout (cause chances are the breakout won't last).

No conclusion drawn from the close. Hmm, maybe gap down?
1.png
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.

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.
Post Reply