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06/03/2019 Market Recap

06/03/2019 Market Recap

Postby Cobra » Mon Jun 03, 2019 4:26 pm

Still no volume surge so probably no bottom yet. Obvious target down below.
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Re: 06/03/2019 Market Recap

Postby Cobra » Mon Jun 03, 2019 4:35 pm

SUMMARY:

Gladly I didn't trust the morning push up, it was once looked a lot like a strong uptrend day. Too bad it was just a vacuum.

NOTE:

It's within the last trading day's range so resistances were in every step up therefore I didn't trust the seemingly unstoppable push up (viewtopic.php?f=2&t=3479&p=269190#p269190).

Called range low here (viewtopic.php?f=2&t=3479&p=269205#p269205). I remembered the "quiet" rule in a range day so didn't say much thereafter, gladly, it's a right decision, otherwise, definitely I'd call double bottom then the low was in with "!".

Basically called new range low here (viewtopic.php?f=2&t=3479&p=269221#p269221).

Reminded the usual breakdown then sharp reversal routine here (viewtopic.php?f=2&t=3479&p=269221#p269221), which was not exactly but roughly right, just don't short any breakdown, that's it.

No conclusion drawn from the close. The sharp up before the close could be just bears were careful therefore booking some profits, so it's not necessarily a good news to bulls as it meant fewer bears were left for the future short squeeze.
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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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