10/10/2019 Market Recap
Posted: Thu Oct 10, 2019 4:23 pm
In range, no direction.
Started like a typical uptrend day, unfortunately it turned into a range day. I kept quiet after the sharp pullback started as I didn't know the direction anymore.
NOTE:
Explained how I'd judge range day or uptrend day here (viewtopic.php?f=2&t=3682&p=273159#p273159).
I was actually confident that it'd be an uptrend day here (viewtopic.php?f=2&t=3682&p=273163#p273163) as it was a prefect breakout setup.
The breakout indeed happened, the market acted like an uptrend day for about an hour then started a sharp pullback after 12 pm at which time we knew it's not an uptrend day. There was a rebound after 1:30 pm which was the best if not the only chance to exit, unfortunately the rebound looked strong therefore I doubt how many bulls would exit via it... After the rebound the sharp drop was a prefect stop run as there should be lots of stops below the 10:10 am bar. Too bad.
No conclusion drawn from the close.
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.