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10/08/2019 Market Recap

10/08/2019 Market Recap

Postby Cobra » Tue Oct 08, 2019 4:38 pm

Generally closes near the low of the day the next day more likely would have a lower low at least, so more down?

The feeling really is China is BEGGING for the trade talk because almost every time before the talk, Trump would do something which he called "push the limit" which in my point of view was very insulting but somehow China still came to talk despite they knew there'd be no deal... I don't understand what game both sides are playing...
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Re: 10/08/2019 Market Recap

Postby Cobra » Tue Oct 08, 2019 4:52 pm

SUMMARY:

Called range day right but it was wrong to believe the low was in later despite I thought I waited long enough until I saw consecutive strong bull bars. The lesson still is, avoid trading range days. Yes, I know most days are range day but still better no trade therefore zero gains than losses.

NOTE:

Explained how I'd judge range day or downtrend day here (viewtopic.php?f=2&t=3678&p=273059#p273059).

Might be a double bottom here (viewtopic.php?f=2&t=3678&p=273069#p273069). I wasn't sure. 50% chances are not bad chances if the gain to lose ratio is high so it's not a nonsense here, different people have different risk reward in mind therefore would react differently.

The push up after 2:30 pm finally tricked me into believing that the low was in (viewtopic.php?f=2&t=3678&p=273085#p273085).

The market, AS ALWAYS, slapped me on the face immediately after I called the low was in, good job! (viewtopic.php?f=2&t=3678&p=273095#p273095).

Weak close, so gap down tomorrow?
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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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