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10/23/2019 Market Recap

10/23/2019 Market Recap

Postby Cobra » Wed Oct 23, 2019 4:13 pm

Still is ascending triangle, bias is up.
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Re: 10/23/2019 Market Recap

Postby Cobra » Wed Oct 23, 2019 4:19 pm

SUMMARY:

Range day, called mm up wrong, was too optimistic but later called the pullback was over right. It is really really essential to know whether the day is trend day or range day and avoid trading range day.


NOTE:

Called range day here and the pullback would be bought right (viewtopic.php?f=2&t=3702&p=273649#p273649).

Called pullback here (viewtopic.php?f=2&t=3702&p=273650#p273650). Generally the pullback should be bought and this was why later I thought it'd be a mm up.

Two consecutive good looking bull bar so I thought it'd be another leg up (viewtopic.php?f=2&t=3702&p=273653#p273653).

Well, wrong, the market thereafter made a 3 legged pullback. I had to wait patiently for the bottom pattern therefore kept quiet.

Finally a bottom pattern was detected here (viewtopic.php?f=2&t=3702&p=273664#p273664).

Strong close, so gap up tomorrow morning?
1.png


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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