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10/18/2019 Market Recap

10/18/2019 Market Recap

Postby Cobra » Fri Oct 18, 2019 4:33 pm

Might be more down. Why? Look carefully how red bars got larger and larger and up percentage on up days got smaller and smaller and turned black.
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Re: 10/18/2019 Market Recap

Postby Cobra » Fri Oct 18, 2019 4:44 pm

SUMMARY:

Called range day but it once appeared like a downtrend day then a strong reversal made trust bears once again looked like a fool, but before the close the bear was back. Tricky day, except the last pullback which was lead by a 3 push up. I didn't comment the 3 push up other than put red arrows on the chart because when the pattern was confirmed it's already near the close, pointless to comment, if I knew sharp down in the last 5 min.

NOTE:

Explained how I'd judge downtrend day or range day here (viewtopic.php?f=2&t=3695&p=273514#p273514).

Called a range day here (viewtopic.php?f=2&t=3695&p=273524#p273524) which was wrong because I thought the low was in which actually wasn't.

Called rebound soon right but "another leg down" wrong (viewtopic.php?f=2&t=3695&p=273534#p273534). It's not fatal though because the rebound thereafter was strong, no good short setup.

By here I finally realized once again I shouldn't trust bears (viewtopic.php?f=2&t=3695&p=273546#p273546).

I didn't comment 3 push up as it's not confirmed until the last bar. Weak close, so gap down Monday?
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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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