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08/12/2019 Market Recap

08/12/2019 Market Recap

Postby Cobra » Mon Aug 12, 2019 4:11 pm

I don't read the 2 days pullback as bearish yet unless huge down tomorrow, I even think maybe today is buy. Just a thought, I didn't do anything yet.
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Re: 08/12/2019 Market Recap

Postby Cobra » Mon Aug 12, 2019 4:20 pm

SUMMARY:

It's a downtrend day but the real breakout on the downside was after 2 pm and by the close bulls recovered the most so it's not too wrong to treat it as a range day - no easy money anyway.

NOTE:

Called range day here (viewtopic.php?f=2&t=3590&p=271345#p271345).

Called bottom should be around here (viewtopic.php?f=2&t=3590&p=271365#p271365). The reason was I saw 3 push down with the 3rd push the weakest so thought bears were losing momentum.

It was wrong, the breakout was for real. Called a rebound here first (viewtopic.php?f=2&t=3590&p=271371#p271371). The "this bear shall have legs" part was wrong due to the close effect so I don't think it matters.

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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