09/22/2020 Market Recap

[Cobra]

I'm neutral here, hopefully one more up day...

[Cobra]

SUMMARY:

Called the low was in right.

NOTE:

Right - called the pullback would be bought (viewtopic.php?f=2&t=4221&p=287459#p287459).

N/A - reminded the resistance here (viewtopic.php?f=2&t=4221&p=287464#p287464).

Right - called the breakdown and bear trap here (viewtopic.php?f=2&t=4221&p=287467#p287467).

N/A - just a follow up (viewtopic.php?f=2&t=4221&p=287469#p287469).

Right - called the low was in here (viewtopic.php?f=2&t=4221&p=287472#p287472).

Right - called more up here (viewtopic.php?f=2&t=4221&p=287477#p287477).

Right - called more up again here (viewtopic.php?f=2&t=4221&p=287479#p287479).

Right - basically a follow up of the previous call of more up (viewtopic.php?f=2&t=4221&p=287485#p287485).

The close.

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.

[JFR]

SPY 5. A good day for the bulls. Up 3.33.

[JFR]

SPY daily. Out in the middle of nowhere. But the last two candlesticks are hammers. Trying to get back with the herd?

[Cobra]

SPY daily. Out in the middle of nowhere. But the last two candlesticks are hammers. Trying to get back with the herd?

The attachment Screenshot_20200922_143803.jpg is no longer available

It (the today's candle) happened while price is up so should be kind of Hanging Man I think. Hanging Man however, unlike the conventionally believed it's a continuation pattern so cannot say it's bearish.

[JFR]

SPY daily. Out in the middle of nowhere. But the last two candlesticks are hammers. Trying to get back with the herd?

Screenshot_20200922_143803.jpg

It (the today's candle) happened while price is up so should be kind of Hanging Man I think. Hanging Man however, unlike the conventionally believed it's a continuation pattern so cannot say it's bearish.

Points well made, Cobra. At least one of them is a hammer, following a move down, while the other might be a hanging man, as you note. I see both candles as having the same import. Upwards pressure. The move down intraday is counteracted by the closing move up, creating the tail. Quite a few other examples of that formation in my chart leading to moves up.

On a technical note, or a language note, if one hammer, at the bottom of a move, is followed immediately by another hammer, as in this case, it seems to me they might both be hammers. Semantics, it seems to me, regarding whether the second candlestick is another hammer or a hanging man.

As your illustrations show, candlesticks are not 100% accurate. In this case, they do seem to indicate pressure up.

[Cobra]

SPY daily. Out in the middle of nowhere. But the last two candlesticks are hammers. Trying to get back with the herd?

Screenshot_20200922_143803.jpg

It (the today's candle) happened while price is up so should be kind of Hanging Man I think. Hanging Man however, unlike the conventionally believed it's a continuation pattern so cannot say it's bearish.

Points well made, Cobra. At least one of them is a hammer, following a move down, while the other might be a hanging man, as you note. I see both candles as having the same import. Upwards pressure. The move down intraday is counteracted by the closing move up, creating the tail. Quite a few other examples of that formation in my chart leading to moves up.

On a technical note, or a language note, if one hammer, at the bottom of a move, is followed immediately by another hammer, as in this case, it seems to me they might both be hammers. Semantics, it seems to me, regarding whether the second candlestick is another hammer or a hanging man.

As your illustrations show, candlesticks are not 100% accurate. In this case, they do seem to indicate pressure up.

Well, hope you're right. I wish the market can go up for a couple of days. I'll remember this pattern (2 hammers) so the next time I'll know what the next would be. Thanks.