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04/12/2019 Market Recap

04/12/2019 Market Recap

Postby Cobra » Fri Apr 12, 2019 4:13 pm

Doji at the previous high so maybe a pullback here first then we'll see.
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Re: 04/12/2019 Market Recap

Postby Cobra » Fri Apr 12, 2019 4:24 pm

SUMMARY:

Range day. Made couple of right calls but didn't matter as they're only good for a scalp. I didn't foresee the rebound could again go all the way till the close which has been the pattern recently. Yes, I know the pattern, I just thought maybe today would be different. Actually I thought everyday would be different but they're not.

NOTE:

Explained how I'd judge downtrend day or range day here (viewtopic.php?f=2&t=3400&p=267312#p267312).

Double top is rare, so I said I didn't believe it's a double top here (viewtopic.php?f=2&t=3400&p=267347#p267347).

It's the 3rd test of the resistance now so breakout was more likely (viewtopic.php?f=2&t=3400&p=267352#p267352). It made a breakout, yes, but it was a false one. The 4th attempt before the close finally made an invalid breakout.

Strong close, maybe gap up the next Monday?
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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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