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11/05/2019 Market Recap

11/05/2019 Market Recap

Postby Cobra » Tue Nov 05, 2019 5:31 pm

Don't know whether the pullback was over or not. The chart doesn't look bearish.
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Re: 11/05/2019 Market Recap

Postby Cobra » Tue Nov 05, 2019 5:45 pm

SUMMARY:

Range day, was right not to take bears seriously but also was a little too optimistic about the range high. The lesson learnt here was when the market went beyond my expectation, I should be careful as it means I'm too biased on the opposite side.

NOTE:

Basically called the range day and the range low here (viewtopic.php?f=2&t=3722&p=274068#p274068).

Subtle way of saying told you so. I didn't really believe bears would have any chances here (viewtopic.php?f=2&t=3722&p=274073#p274073). Well, although what I believed was right, bears exceeded my expectations.

Bears did better than I thought but I was still optimistic (viewtopic.php?f=2&t=3722&p=274076#p274076).

Didn't expect another small leg down but I was still optimistic here (viewtopic.php?f=2&t=3722&p=274078#p274078). The lesson learnt here was when the market went beyond my expectations, I should be careful - The double bottom call was right but later it was way shy of the target I expected.

Called more up here right but I expected far more so it's not actually a good call here (viewtopic.php?f=2&t=3722&p=274085#p274085).

The double bottom breakout faded quickly, it was a weak close but not enough for me to draw any conclusion about tomorrow's open.
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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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