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05/29/2020 Market Recap

05/29/2020 Market Recap

Postby Cobra » Fri May 29, 2020 5:19 pm

The chart doesn't say much but if you have been watching the intraday you'd agree the impression is bulls simply refuse to accept any pullbacks.
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Re: 05/29/2020 Market Recap

Postby Cobra » Fri May 29, 2020 5:30 pm

SUMMARY:

Range day. Affected by news, so a couple of big swings, not easy to trade although in theory simply following the range day trading rule, it SHOULD profitable. I didn't do anything luckily.

NOTE:

Partial right - called range day early but was wrong about rebound or consolidating till EMA20 catching up which happened much later than I thought (viewtopic.php?f=2&t=4036&p=283235#p283235).

N/A - explained how I'd judge range day or downtrend day here (viewtopic.php?f=2&t=4036&p=283253#p283253).

N/A - reminded short setup and confirmed it's just a range day here (viewtopic.php?f=2&t=4036&p=283255#p283255).

N/A - just a reminder (viewtopic.php?f=2&t=4036&p=283262#p283262).

N/A - news driven (viewtopic.php?f=2&t=4036&p=283274#p283274).

N/A - news driven again, basically called the low was in though (viewtopic.php?f=2&t=4036&p=283292#p283292).

N/A - just a reminder (viewtopic.php?f=2&t=4036&p=283297#p283297).

Appeared right but it wasn't I meant - called the pullback should be bought. It was bought but I didn't expect the pullback to be that deep. It was again a news driven event (viewtopic.php?f=2&t=4036&p=283298#p283298).

N/A - news driven (viewtopic.php?f=2&t=4036&p=283300#p283300).

Right - called more up here (viewtopic.php?f=2&t=4036&p=283307#p283307).

The close.
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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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