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01/10/2019 Market Recap

01/10/2019 Market Recap

Postby Cobra » Thu Jan 10, 2019 5:51 pm

Renewed strength today so I see no sign of top yet. The steady stairs down volume is a concern though.
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Re: 01/10/2019 Market Recap

Postby Cobra » Thu Jan 10, 2019 6:10 pm

SUMMARY:

You can call it trend day or range day, the sharp pullback from 1 pm to 2 pm and the yesterday's high as resistance made trade not easy anyway so I didn't even bother to run the IB trading platform today.

NOTE:

By here it's actually looked like an uptrend day but without taking the yesterday's high out I'd avoid buying so still a range day to me (viewtopic.php?f=2&t=3252&p=264049#p264049).

The pullback at least proved because of the yesterday's high (as resistance) I didn't long was right (viewtopic.php?f=2&t=3252&p=264067#p264067). I actually thought it's going to test the day low, gladly I didn't short. Trading a range day is nothing but a guess (luck). Why not scalp? The only problem is where the stop loss is? Scalp target usually is 1 point, so in theory the stop loss should be at the most 1 point as well, otherwise you'd have negative risk reward ratio. I just don't like the 1 point stop loss, no logic in it therefore it's nothing but a bet of luck. Feel free to let me know if my idea is wrong.

No conclusion drawn from the close. Now I gave up guessing when SPY would have a day or two pullback, maybe it's the sign it finally will have a day or two pullback?
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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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