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08/05/2021 Market Recap

08/05/2021 Market Recap

Postby Cobra » Thu Aug 05, 2021 4:45 pm

I don't think it'd be a double top here (red arrow), a breakout should be more likely. As for how far the breakout go, that's another story.
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Re: 08/05/2021 Market Recap

Postby Cobra » Thu Aug 05, 2021 4:49 pm

4.png

Simply no confirmation of an uptrend day until last 30 minutes.
viewtopic.php?f=2&t=4726&p=296527#p296527
viewtopic.php?f=2&t=4726&p=296532#p296532

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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Re: 08/05/2021 Market Recap

Postby Cobra » Thu Aug 05, 2021 4:55 pm

The Non Farm Payroll days have been overwhelmingly bull friendly recently so the market closed sharply higher in anticipation of a very bad result tomorrow (bad means QE goes on) I think.
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