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05/12/2020 Market Recap

05/12/2020 Market Recap

Postby Cobra » Tue May 12, 2020 5:32 pm

Follow through wanted. I think bears might get it tomorrow. It's a bearish engulfing today which usually means up tomorrow (yes, it's up, not typo), but I think this time bears may have chances, let's see.
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Re: 05/12/2020 Market Recap

Postby Cobra » Tue May 12, 2020 5:41 pm

SUMMARY:

It's a downtrend day but since most of the day was within the last day's range so I treated it as a range day. Didn't see the sharp sell off coming before the close.

NOTE:

Right - called a rebound and range day here (viewtopic.php?f=2&t=4010&p=282527#p282527).

N/A - reminded the resistance here (viewtopic.php?f=2&t=4010&p=282530#p282530).

Right - called double bottom here (viewtopic.php?f=2&t=4010&p=282531#p282531).

Right - reminded in a range day, a breakout couldn't be trusted here (viewtopic.php?f=2&t=4010&p=282534#p282534).

N/A - not sure whether the bear flag would work or not, just a reminder (viewtopic.php?f=2&t=4010&p=282550#p282550).

Wrong - once again, one strong bull bar shouldn't be trusted (viewtopic.php?f=2&t=4010&p=282552#p282552).

Right - I took back what I said above here (viewtopic.php?f=2&t=4010&p=282553#p282553), because the rebound so far was weak.

Ugly close. I was away to pick up my car that was due for maintenance, guess the market got scared so sold off, well, don't worry, I'm back now...
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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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