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08/03/2021 Market Recap

08/03/2021 Market Recap

Postby Cobra » Tue Aug 03, 2021 4:24 pm

Like one good looking bear bar doesn't mean anything, one good looking bull bar doesn't mean anything too, let's see any follow through tomorrow.

As I said yesterday I didn't remember when bears were smooth so no surprise a disappointment again today. Unlike bears, bulls are more likely to get a "not bad" follow through.

The chart still looks like a rising wedge therefore a pullback from the upper boundary to the lower boundary still has some chances unless a couple of strong bull bars here, anyway, let's see tomorrow.

spy.png

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Re: 08/03/2021 Market Recap

Postby Cobra » Tue Aug 03, 2021 4:26 pm

4.png

Several base and breakout pattern today so easy calls.
viewtopic.php?f=2&t=4722&p=296479#p296479
viewtopic.php?f=2&t=4722&p=296482#p296482

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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