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05/09/2019 Market Recap

05/09/2019 Market Recap

Postby Cobra » Thu May 09, 2019 4:40 pm

Another reversal like bar (hollow red means open low close higher so it's an intraday reversal and the long lower shadow which means buying pressure), the chart still argues for a rebound. I, I don't know whether I should trust the chart or my subjective judgement that 25% tariff would be inevitable. In short, I think it's going down but the chart isn't confirming.
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Re: 05/09/2019 Market Recap

Postby Cobra » Thu May 09, 2019 4:47 pm

SUMMARY:

Range day. Didn't see big up intraday, did see the bear's last chance. Did nothing today.

NOTE:

By now it looks like a downtrend day (viewtopic.php?f=2&t=3443&p=268394#p268394), I'm not sure so finished the call with a question mark.

Explained how I'd judge downtrend day or range day here (viewtopic.php?f=2&t=3443&p=268397#p268397).

Didn't see the strong up but did see 3 push up here so called bear's last chance (viewtopic.php?f=2&t=3443&p=268407#p268407).

Bear did take the last chance but was too weak to push down much so by now I have no idea up or down (viewtopic.php?f=2&t=3443&p=268411#p268411). Well, I actually read the chart as bullish, I just didn't want to believe it.

No conclusion drawn from the close. I still read the chart as bullish, I mean if the pattern can continue into tomorrow (i.e. no overnight trade) then breakout would be more likely.
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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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