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10/01/2019 Market Recap

PostPosted: Tue Oct 01, 2019 4:11 pm
by Cobra
Strong follow through tomorrow needed, right now I don't read the chart as bearish yet as the selling (except today of course) so far has been slow unlike a real bear.

Re: 10/01/2019 Market Recap

PostPosted: Tue Oct 01, 2019 4:22 pm
by Cobra
SUMMARY:

Didn't expect today to down big as I thought the pullback might be near over. Anyway, after the 12 pm breakdown only I could be sure it's a downtrend day which obviously was late so the focus was to sell the bounce, i.e. "this bear shall have legs".

NOTE:

Called the rebound would be sold but I didn't expect a bloody downtrend day here yet (viewtopic.php?f=2&t=3667&p=272803#p272803).

Now clearly it's a bloody downtrend day (viewtopic.php?f=2&t=3667&p=272810#p272810). Too awkward to say downtrend day here so instead I called "this bear shall have legs" which means to sell the bounce.

The ema short setup didn't work until the last hour, so not a easy trade (viewtopic.php?f=2&t=3667&p=272817#p272817).

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.