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07/19/2019 Market Recap

07/19/2019 Market Recap

Postby Cobra » Fri Jul 19, 2019 4:38 pm

Very strong bear bar so maybe a little more selling on the next Monday but how it eventually closes for now it's hard to say. I'll need see a strong bear follow through next Monday to confirm the bear case because on the lower time frame, say, 60 min chart, you can see bulls may have 50% chances to make a double bottom so cannot say bulls are over yet.
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Re: 07/19/2019 Market Recap

Postby Cobra » Fri Jul 19, 2019 4:50 pm

SUMMARY:

Following the rule of trading reversals saved my ass today (although the rule also made me miss lots of chances as well). I'm more and more leaning toward trading uptrend day only as long as the trend can be spotted before noon. Trading other types of days are not worth the efforts.

NOTE:

It started like a range day (viewtopic.php?f=2&t=3553&p=270624#p270624).

Explained how I'd judge whether the low might be in or close here (viewtopic.php?f=2&t=3553&p=270636#p270636).

It later exceeded the mini target so I knew the low might be in, but still according to the trading reversals rule, I need wait for a revisit.

By here it looked a perfect trading reversal setup was in the making (viewtopic.php?f=2&t=3553&p=270641#p270641).

It made a breakout on the downside before any strong bull signal bar and entry bar (I prefer to see both instead of just a strong signal bar) so the reversal setup was invalid (viewtopic.php?f=2&t=3553&p=270646#p270646).

Weak close so maybe gap down 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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