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09/24/2019 Market Recap

09/24/2019 Market Recap

Postby Cobra » Tue Sep 24, 2019 4:40 pm

Still hard to say up or down from here. Bears need a strong follow through tomorrow otherwise still breakout on the upside is more likely.
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Re: 09/24/2019 Market Recap

Postby Cobra » Tue Sep 24, 2019 4:56 pm

SUMMARY:

Downtrend day but the first couple of hours was within the yesterday's range so I treated it as a range day, then after a break down, it's meaningless to call downtrend day anymore as the focus then was on whether the rebound would be sold or not. The first 2 rebounds were indeed sold but you know after being brainwashed by bulls for so many years, I couldn't help putting a "?" mark after each "rebound would be sold". The 3rd rebound attempt was a very attractive trap as it's enough to make my mouse point at the buy button debating to buy or not to buy, gladly it didn't have strong follow through so I knew the low wasn't confirmed in yet. The market indeed fell back thereafter. Just I had no guts to short the 3rd rebound. Trading on the downside is hard.

NOTE:

Called range day at the best for bulls here (viewtopic.php?f=2&t=3656&p=272613#p272613) which meant there're some chances being a downtrend day today.

By here the trend finally was clear so reminded the sell bounce setup here (viewtopic.php?f=2&t=3656&p=272625#p272625).

Reminded the sell bounce setup again here (viewtopic.php?f=2&t=3656&p=272635#p272635). This time it touched EMA20 so usually it means (or at least be prepared) the setup is only good for a scalp which turned out indeed today.

Hey, I didn't say the low was in, did I? (viewtopic.php?f=2&t=3656&p=272636#p272636) I admit the sudden surge really was attempting. I almost did "buy first ask later".

Reminded the trading reversals setup here (viewtopic.php?f=2&t=3656&p=272639#p272639) which never triggered till the close so no trade.

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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