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08/05/2019 Market Recap
08/05/2019 Market Recap
Forget all the blah blah about rebound, this is a crash therefore requires extremes before a meaningful rebound could be possible. So accordingly volume today was no enough to indicate capitulation, need more, far more. The obvious target could be the MA200 below (green line).
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Re: 08/05/2019 Market Recap
SUMMARY:
Hard to see whether it's a downtrend day until the morning low was taken decisively, but still after that plenty room on the downside. The sad truth is a down and down day was very rare, usually there's a sharp rebound before the close and today was no exception so being a bear simply cannot short and hold till the close.
NOTE:
By here it's still hard to say whether the day was a downtrend day or range day. The rebound abound 11 am was very strong which almost made me call the low was in (viewtopic.php?f=2&t=3579&p=271097#p271097)! Then I remembered, the rebound in a down day usually is very strong easily tricking one to think the low was in. Well, hopefully all the long forgotten truthes about down days would come back to me one by one...
By here it's finally clear that it's a downtrend day (viewtopic.php?f=2&t=3579&p=271102#p271102). Since it's already middle of the day so the focus was to short the rebound therefore "this bear shall have legs" was much useful than "it's a downtrend day".
The rebound before the close was once again very strong, almost got me thinking that some good news must have kicked in that the market was bottomed - I almost did the "buy first ask later" but then again I remembered the blah blah about the rebound in a downtrend day so didn't do anything. No conclusion drawn from the close. The feeling is the market this time wouldn't easily let Trump go again...
DISCLAIMER:
The trading log above is meant for myself only which main purpose is to help improving my market sense.
Hard to see whether it's a downtrend day until the morning low was taken decisively, but still after that plenty room on the downside. The sad truth is a down and down day was very rare, usually there's a sharp rebound before the close and today was no exception so being a bear simply cannot short and hold till the close.
NOTE:
By here it's still hard to say whether the day was a downtrend day or range day. The rebound abound 11 am was very strong which almost made me call the low was in (viewtopic.php?f=2&t=3579&p=271097#p271097)! Then I remembered, the rebound in a down day usually is very strong easily tricking one to think the low was in. Well, hopefully all the long forgotten truthes about down days would come back to me one by one...
By here it's finally clear that it's a downtrend day (viewtopic.php?f=2&t=3579&p=271102#p271102). Since it's already middle of the day so the focus was to short the rebound therefore "this bear shall have legs" was much useful than "it's a downtrend day".
The rebound before the close was once again very strong, almost got me thinking that some good news must have kicked in that the market was bottomed - I almost did the "buy first ask later" but then again I remembered the blah blah about the rebound in a downtrend day so didn't do anything. No conclusion drawn from the close. The feeling is the market this time wouldn't easily let Trump go again...
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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