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05/16/2019 Market Recap

05/16/2019 Market Recap

Postby Cobra » Thu May 16, 2019 4:31 pm

The upper shadow is a little bit too long which damps the bull bias. I give a little little little bull bias here because Friday has been overwhelmingly bull friendly recently. Also according to the Stock Trader's Almanac, May option expiration day, Dow up 12 of the last 18.

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Re: 05/16/2019 Market Recap

Postby Cobra » Thu May 16, 2019 4:36 pm

SUMMARY:

Rare only half day uptrend day. Didn't foresee the pullback could last till the close so didn't make money.

NOTE:

Called uptrend day here (viewtopic.php?f=2&t=3454&p=268654#p268654).

As usually reminded the EMA20 setup here (viewtopic.php?f=2&t=3454&p=268669#p268669) which seems so far not a very reliable setup.

Finally gave hopes on bulls here (viewtopic.php?f=2&t=3454&p=268686#p268686). Noticed I posted a wrong url on twitter, sorry.

No conclusion drawn from 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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