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05/30/2019 Market Recap

PostPosted: Thu May 30, 2019 4:25 pm
by Cobra
The rebound so far was weak but I saw so many cases that the rebound started weak but got stronger and stronger as more and more people were convinced so the chart is actually neutral for now, not bearish. The MA200 still looks attractive though.

Re: 05/30/2019 Market Recap

PostPosted: Thu May 30, 2019 4:41 pm
by Cobra
SUMMARY:

Range day, gladly didn't say anything after the first range low was taken as I wouldn't be able to see the sharp rebound thereafter although on the 2nd thought now, the sharp rebound should be expected as it's what a range day does - any breakout/breakdown more likely is a trap.

NOTE:

Explained how I'd judge range day or uptrend day here (viewtopic.php?f=2&t=3474&p=269062#p269062).

The breakout of the 10:30 bar might be deceiving, don't know how many bulls were tricked. The breakout wasn't decisive enough and there's no strong follow through so should not be very difficult not to fall into the bull trap. Anyway, by here, it's clear for bulls the best they could have was a range day (viewtopic.php?f=2&t=3474&p=269066#p269066).

The rebound was strong so I thought the range low was in (viewtopic.php?f=2&t=3474&p=269078#p269078). I even thought the day high would be taken.

The coming sharp pullback and then sharp rebound both were hard to tell, gladly I didn't say anything. 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.