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07/06/2018 Market Recap

07/06/2018 Market Recap

Postby Cobra » Fri Jul 06, 2018 4:36 pm

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Re: 07/06/2018 Market Recap

Postby Cobra » Fri Jul 06, 2018 4:58 pm

SUMMARY:

Recognized the pullback would be bought earlier, good. Doubted the later breakout right, but my sell order wasn't filled before the price tanked so had to bet my luck on the last minute which wasn't too bad.


NOTE:

More than 100% mm implying the up momentum still was strong so called the pullback would be bought here (viewtopic.php?f=2&t=2959&p=256580#p256580).

After being up for awhile a sudden big bull bar could mean exhaustion so called possible pullback here (viewtopic.php?f=2&t=2959&p=256593#p256593) which was wrong. However the direction by now should be very clear so I said again "this bull may have legs".

Called a pullback here again but also made the direction clear (viewtopic.php?f=2&t=2959&p=256607#p256607). The pullback again call was wrong. It's a sign of strong uptrend.

Finally guess right on the pullback target here (viewtopic.php?f=2&t=2959&p=256612#p256612) so the next H1 buy was "the very first test of ema20 in a long time usually is buy" (viewtopic.php?f=2&t=2959&p=256613#p256613). The setup did make 2x but not until 3:30 pm so not a smooth trade.

Consolidation usually means continuation which in today's case meant up (viewtopic.php?f=2&t=2959&p=256616#p256616), tested the range low here (viewtopic.php?f=2&t=2959&p=256623#p256623) but didn't break so still favored bulls and when it again testing the range high here (viewtopic.php?f=2&t=2959&p=256624#p256624), the breakout was likely.

Breakout indeed, but the feeling was it's a fake one simply because it took too long to consolidating therefore bulls were not strong (viewtopic.php?f=2&t=2959&p=256625#p256625). I put my sell order here which unfortunately not filled which actually meant I really wasn't sure therefore wasn't determined to sell really.

By here (viewtopic.php?f=2&t=2959&p=256627#p256627), I decided to wait before the close to sell as usually it'd come back a little, rarely it'd be down and down till the close. I mean I had to bet my luck here.

In the end, it did come back a little so not a very bad 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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