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08/14/2019 Market Recap

08/14/2019 Market Recap

Postby Cobra » Wed Aug 14, 2019 4:17 pm

May test the Aug 5 low (blue line) and MA200 (green line) tomorrow, then we'll see whether enough buyers to lift the market. Right now, at least technically no signs of bottom. Just you know this market, up or down may just be one twitter.
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Re: 08/14/2019 Market Recap

Postby Cobra » Wed Aug 14, 2019 4:24 pm

SUMMARY:

Called downtrend day not too late, called double bottom wrong though but shouldn't be blamed as down and down day was rare. And since we had the rare down and down day today, the good news for bulls is, the coming downtrend day most likely will have a later day reversal up.

NOTE:

I actually believed it'd be a downtrend day here (viewtopic.php?f=2&t=3594&p=271442#p271442). The saying was just to leave some spaces to save my face in case I was wrong.

Reminded the 2nd chance to short here (viewtopic.php?f=2&t=3594&p=271445#p271445).

I thought once again it's a downtrend day with classic later day reversal up and the bull bar looked really beautiful, so called 51% chances of double bottom here (viewtopic.php?f=2&t=3594&p=271476#p271476).

Weak close. Bears were confident (usually they rush to cover before the close and this is why lots of downtrend day ends with reversal up) which probably means more down ahead.
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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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Re: 08/14/2019 Market Recap

Postby Cobra » Wed Aug 14, 2019 10:40 pm

The climax of the trade talk? Wow, it's very Trump.
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