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07/22/2019 Market Recap

07/22/2019 Market Recap

Postby Cobra » Mon Jul 22, 2019 4:37 pm

Bias is a little bit down, say, 51% chances down.
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Re: 07/22/2019 Market Recap

Postby Cobra » Mon Jul 22, 2019 4:55 pm

SUMMARY:

Range day, called breakout on the downside wrong, but called breakout on the upside right although it turned out to be a fake breakout which was typical of a range day. Most breakouts in a range day are fake, this is why nowadays I don't trade breakout anymore, no matter upside or downside. I also found, the more prefect the chart pattern the less likely it's for real.

NOTE:

Basically called range day here (viewtopic.php?f=2&t=3557&p=270671#p270671).

Saw kind of descending triangle so called down more likely here (viewtopic.php?f=2&t=3557&p=270674#p270674) which was wrong. No trading losses though because first I don't trade breakout anymore, secondly even I do trade breakout, there's no fake breakout then reversal up, so no trade was triggered anyway.

I meant range high here was possible (viewtopic.php?f=2&t=3557&p=270681#p270681).

Basically called breakout was likely here (viewtopic.php?f=2&t=3557&p=270689#p270689). Which was indeed, but as in the most cases, the breakout was a fake one and this is why nowadays I don't trade breakout anymore, no matter upside or downside. I also found, the more prefect the chart pattern the less likely it's for real!

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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