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06/05/2019 Market Recap

06/05/2019 Market Recap

Postby Cobra » Wed Jun 05, 2019 4:37 pm

Yes, it's a hanging man at EMA20, so in theory a pullback is more likely here but I think there're still some up rooms then we'll see.
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Re: 06/05/2019 Market Recap

Postby Cobra » Wed Jun 05, 2019 4:54 pm

SUMMARY:

After the morning pullback to EMA20, it spent the rest of the day up and up, but since it's mostly within the morning range, so I treated it as a range day and since it had only one leg up so I didn't get chance to buy the 2nd test of the range low therefore I spent the most of the day doing window shopping on Amazon...

NOTE:

Basically called range day here (viewtopic.php?f=2&t=3483&p=269276#p269276). I was trapped many times in the past on this kind of morning pullback so I'm now experienced enough not falling the bear trap here.

By here all were expected (viewtopic.php?f=2&t=3483&p=269283#p269283). If it's a typical range day, should be a pullback to the range low here. My plan, as usual, was to buy the range low so I didn't do anything, I mean didn't short, which saved my ass again.

Not a bad close: Bulls were confident, bears were scared, so expect more up at least tomorrow morning. A reminder, based on my experiences, not a forecast: I've seen so many times, without any reason the market simply bottomed, it'd be up and up from now on, so be careful bears. I think the market should go down so am looking at something to short but based on the past experiences as explained, I'm very careful here.
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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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