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05/29/2019 Market Recap

05/29/2019 Market Recap

Postby Cobra » Wed May 29, 2019 4:28 pm

Very close to the MA200 now, should at least touch it before any meaningful rebound I guess.
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Re: 05/29/2019 Market Recap

Postby Cobra » Wed May 29, 2019 4:44 pm

SUMMARY:

When not sure, don't trade, today had 2 perfect examples, gladly I didn't trade. And I've decided that the ema setup isn't worth the bet.

NOTE:

Called a range day here (viewtopic.php?f=2&t=3472&p=269012#p269012) which actually was right, too bad, I changed the idea later although I didn't trade.

I wasn't very sure whether it's a downtrend day by here (viewtopic.php?f=2&t=3472&p=269020#p269020). I think it's a good idea to mention earlier when I am not sure but it might have chances so that readers could combine with their own signals to get early entry instead of having to wait after I confirm which usually is late because, one it's always a late entry when something is finally confirmed and two, I need a few minutes to post the comment.

Downtrend day confirmed here (viewtopic.php?f=2&t=3472&p=269022#p269022) but it might be too late.

Mentioned the ema setup here (viewtopic.php?f=2&t=3472&p=269031#p269031) which was hard to trade if not easily a bad trade today, and AGAIN. I think we should pretty much forget about the ema setup, not worth it.

It looked a lot like the low was in here (viewtopic.php?f=2&t=3472&p=269047#p269047). I wasn't sure so didn't take the bait which now I'm glad for the decision. It's just bears may have enough profit therefore didn't want to risk for tomorrow. It's not necessarily a good news for bulls because it meant bears were careful therefore no easy short squeeze to fuel the rebound.

No conclusion drawn from the close.
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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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