04/16/2018 Market Recap
Posted: Mon Apr 16, 2018 4:05 pm
Cobra's Market View
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04/16/2018 Market Recap
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Re: 04/16/2018 Market Recap
Posted: Mon Apr 16, 2018 4:09 pm
As for the day trading,
I realized the day should be up here: viewtopic.php?f=2&t=2830&p=252548#p252548
The market picked up strength here: viewtopic.php?f=2&t=2830&p=252558#p252558
Then it formed a small double top. I didn't read it as a top of the day which was wrong, but anyway, just less profit, no harm done.
I realized the day should be up here: viewtopic.php?f=2&t=2830&p=252548#p252548
The market picked up strength here: viewtopic.php?f=2&t=2830&p=252558#p252558
Then it formed a small double top. I didn't read it as a top of the day which was wrong, but anyway, just less profit, no harm done.
Re: 04/16/2018 Market Recap
Posted: Mon Apr 16, 2018 5:13 pm
The last Friday was Bearish Engulfing which means 69% chances up today which was indeed (viewtopic.php?f=2&t=2828&p=252525#p252525).
I was asked why used SPY instead of SPX to do the statistics because SPX was not a Bearish Engulfing (https://twitter.com/CobraMarketView/sta ... 2956164096).
This is because for technical reason the open price of $SPX doesn't reflect the real open price which has been known for many years. So any serious candlestick analyst should use SPY or ES and this is why the majority of my statistics are done on SPY not SPX.
The chart below illustrated the open price of SPX, SPY and ES on the same day. You can see the open price of the SPY and ES are kind of the same while the open price of the SPX was wrong. If you prefer Chinese version of explanation, you can check here: http://www.hutong9.net/forum.php?mod=vi ... a=page%3D1
I was asked why used SPY instead of SPX to do the statistics because SPX was not a Bearish Engulfing (https://twitter.com/CobraMarketView/sta ... 2956164096).
This is because for technical reason the open price of $SPX doesn't reflect the real open price which has been known for many years. So any serious candlestick analyst should use SPY or ES and this is why the majority of my statistics are done on SPY not SPX.
The chart below illustrated the open price of SPX, SPY and ES on the same day. You can see the open price of the SPY and ES are kind of the same while the open price of the SPX was wrong. If you prefer Chinese version of explanation, you can check here: http://www.hutong9.net/forum.php?mod=vi ... a=page%3D1