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08/09/2019 Market Recap

08/09/2019 Market Recap

Postby Cobra » Fri Aug 09, 2019 4:12 pm

Not sure about the direction. For now bias still is a little up.
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Re: 08/09/2019 Market Recap

Postby Cobra » Fri Aug 09, 2019 4:22 pm

SUMMARY:

Strong downtrend day got V reversed due to certain news (I guess). I didn't see the sharp reversal, trading sometimes really is frustrating and again never ever trust bears.

NOTE:

Called downtrend day here (viewtopic.php?f=2&t=3587&p=271291#p271291). I realized so actually way earlier.

I meant wake up, a reversal might be coming (viewtopic.php?f=2&t=3587&p=271309#p271309). I certainly didn't see the sharp reversal just few minutes later, I actually meant to pay attention to the trading reversals setup (which requires a revisit of the day low then a strong signal bar and entry bar).

As explained, I actually didn't see this coming (viewtopic.php?f=2&t=3587&p=271311#p271311).

Called more up here (viewtopic.php?f=2&t=3587&p=271322#p271322).

Very disappointing close but maybe just because bulls had no confidences, after all, a few days ago it looked like the end of the world but now it looked like nothing had happened so it's understandable that bulls were cautious. So 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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