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10/09/2020 Market Recap
10/09/2020 Market Recap
Anytime revisiting the previous high or low there're 50% chances of reversal unless a decisive new high/low is made. The rebound now is high enough to be seen as a 2nd test of the previous high so trade with caution now.
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Re: 10/09/2020 Market Recap
SUMMARY:
Appeared like a typical down in the morning then up and up till the close day. However after the noon breakout the market spent the rest of the day going nowhere which part I didn't foresee.
NOTE:
Right until the noon breakout - called a typical slow bull day here (viewtopic.php?f=2&t=4249&p=288157#p288157).
N/A - just a reminder (viewtopic.php?f=2&t=4249&p=288163#p288163).
Right - basically called pullback here which likely would be bought (viewtopic.php?f=2&t=4249&p=288177#p288177). Thought the bought would make another new high though.
Right - reiterated the pullback would be bought here (viewtopic.php?f=2&t=4249&p=288183#p288183).
The close.
DISCLAIMER:
The trading log above is meant for myself only which main purpose is to help improving my market sense.
Appeared like a typical down in the morning then up and up till the close day. However after the noon breakout the market spent the rest of the day going nowhere which part I didn't foresee.
NOTE:
Right until the noon breakout - called a typical slow bull day here (viewtopic.php?f=2&t=4249&p=288157#p288157).
N/A - just a reminder (viewtopic.php?f=2&t=4249&p=288163#p288163).
Right - basically called pullback here which likely would be bought (viewtopic.php?f=2&t=4249&p=288177#p288177). Thought the bought would make another new high though.
Right - reiterated the pullback would be bought here (viewtopic.php?f=2&t=4249&p=288183#p288183).
The close.
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.
Like to read more of my commentaries? Please subscribe my Daily Market Report.
Subscribers can find all the members only posts HERE.
StockCharts members, please vote for me HERE, thanks.
Re: 10/09/2020 Market Recap
SPY daily. Moving on up. Eyes on the top. It is almost there. But of course Saturday, Sunday and Monday could bring surprises. Much work to do before the long national (and international) nightmare is over.
Charts posted are not recommendations. They are just a sharing of information.