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02/28/2020 Market Recap
02/28/2020 Market Recap
A rebound should be just a matter of time but likely it's just a day or two rebound, usually huge though.
Today's bar and volume did look like a bottom but the intraday pattern didn't look so as the surge up was in the last 5 minutes felt more likely bears were covering so maybe still a lower low the next Monday before the short term low was in, maybe. A typical reversal day should be a sharp down in the morning then STEADY reversal up and up in the afternoon, not like today up and down, up and down until the final 5 minutes. So I'm not sure. But a bottom should be close, that I'm relatively sure.
Today's bar and volume did look like a bottom but the intraday pattern didn't look so as the surge up was in the last 5 minutes felt more likely bears were covering so maybe still a lower low the next Monday before the short term low was in, maybe. A typical reversal day should be a sharp down in the morning then STEADY reversal up and up in the afternoon, not like today up and down, up and down until the final 5 minutes. So I'm not sure. But a bottom should be close, that I'm relatively sure.
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Re: 02/28/2020 Market Recap
SUMMARY:
I only knew it's a range day and guessed a sharp rebound before the close but most of the day I actually had no idea what the market was doing so I didn't even remember what I commented today.
NOTE:
N/A - explained how I'd judge downtrend day or range day here (viewtopic.php?f=2&t=3895&p=278760#p278760).
Right but I actually expected a huge up from here - called the low was in here (viewtopic.php?f=2&t=3895&p=278779#p278779).
N/A - just a reminder here (viewtopic.php?f=2&t=3895&p=278790#p278790).
Wrong - called range high and actually expected the day low to be tested (viewtopic.php?f=2&t=3895&p=278815#p278815).
I had no idea what the market was doing thereafter so kept quiet. Kind guessed the sharp up before the close though.
The close was strong but as explained on the first post, I'm not sure whether it meant the rebound had started so no conclusion drawn from the close.
DISCLAIMER:
The trading log above is meant for myself only which main purpose is to help improving my market sense.
I only knew it's a range day and guessed a sharp rebound before the close but most of the day I actually had no idea what the market was doing so I didn't even remember what I commented today.
NOTE:
N/A - explained how I'd judge downtrend day or range day here (viewtopic.php?f=2&t=3895&p=278760#p278760).
Right but I actually expected a huge up from here - called the low was in here (viewtopic.php?f=2&t=3895&p=278779#p278779).
N/A - just a reminder here (viewtopic.php?f=2&t=3895&p=278790#p278790).
Wrong - called range high and actually expected the day low to be tested (viewtopic.php?f=2&t=3895&p=278815#p278815).
I had no idea what the market was doing thereafter so kept quiet. Kind guessed the sharp up before the close though.
The close was strong but as explained on the first post, I'm not sure whether it meant the rebound had started so no conclusion drawn from the close.
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.
Like to read more of my commentaries? Please subscribe my Daily Market Report.
Subscribers can find all the members only posts HERE.
StockCharts members, please vote for me HERE, thanks.
Re: 02/28/2020 Market Recap
Thanks Cobra for excellent useful market commentaryCobra wrote:A rebound should be just a matter of time but likely it's just a day or two rebound, usually huge though.
Today's bar and volume did look like a bottom but the intraday pattern didn't look so as the surge up was in the last 5 minutes felt more likely bears were covering so maybe still a lower low the next Monday before the short term low was in, maybe. A typical reversal day should be a sharp down in the morning then STEADY reversal up and up in the afternoon, not like today up and down, up and down until the final 5 minutes. So I'm not sure. But a bottom should be close, that I'm relatively sure.
You are in good company
https://www.armstrongeconomics.com/arms ... ket-crash/