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05/14/2018 Market Recap

05/14/2018 Market Recap

Postby Cobra » Mon May 14, 2018 4:42 pm

spy.png

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Re: 05/14/2018 Market Recap

Postby Cobra » Mon May 14, 2018 5:18 pm

The day trade today.

By here it looks like another uptrend day (viewtopic.php?f=2&t=2875&p=254118#p254118). I wasn't sure because, come on, it's been up 7 days in a row already, so there's a question mark.

By the here (viewtopic.php?f=2&t=2875&p=254124#p254124), although as usual I don't believe on the downside, it should be clear the uptrend day call was indeed wrong.

99.99 (insert 100 9s here)% of the time a H&S top simply fails, so, well, I'll say bears really got lucky today. I had no intention to bet on the downside anyway simply because the trend has been on the upside recently so the odds, by default, are against bears. By the here, I knew this bear may have legs (viewtopic.php?f=2&t=2875&p=254129#p254129).

Bear indeed had legs but it turned out to be a final leg. Looks like every time when I finally realized that bear may have legs, the leg is the bear's final leg.

2.png


The rebound was strong so I knew the low was in for today (viewtopic.php?f=2&t=2875&p=254138#p254138).

The close today was a typical higher low (red arrow) reversal.

1.png

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