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05/08/2019 Market Recap

05/08/2019 Market Recap

Postby Cobra » Wed May 08, 2019 4:43 pm

The rebound lasted almost whole day but couldn't hold in the last 30 minutes. Now the chart isn't bearish yet but certainly not as bullish as that of yesterday - the bottom effects accumulated in the last couple of days are diminishing.
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Re: 05/08/2019 Market Recap

Postby Cobra » Wed May 08, 2019 4:50 pm

SUMMARY:

Range day. Called double bottom right although it took much longer than expected time to close enough to the target. Didn't see sell off in the last 30 minutes but it's the last 30 minutes when we all know anything can happen so no complain.

NOTE:

By here it's clearly a range day (viewtopic.php?f=2&t=3441&p=268378#p268378).

Called double bottom and the target here (viewtopic.php?f=2&t=3441&p=268379#p268379). It took much longer time than expected to just be close enough to the target though.

Ugly close so gap down tomorrow?
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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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