Cobra's Market View

Finally bulls are able to make 2 consecutive days which is the very first good sign toward a solid bottom. There're still long ways to go. The bar today has both upper and lower shadows so doesn't tell much the direction next. Generally the rebound should fail somewhere eventually but I'm not prepared for it to fail right here yet.So hopefully...

SUMMARY:

Applied the lesson learnt recently: If the trend day is confirmed very late, treat it as a range day. The sharp down before the close was unexpected but since I didn't treat it as an uptrend day, I was fine.

NOTE:

N/A - explained how I'd judge downtrend day or range day here (viewtopic.php?f=2&t=3935&p=280411#p280411).

Right for the low was in which was all that mattered - called range low here (viewtopic.php?f=2&t=3935&p=280418#p280418).

Right - called more up here (viewtopic.php?f=2&t=3935&p=280422#p280422).

Right - called the pullback would be bought here (viewtopic.php?f=2&t=3935&p=280434#p280434). I should have mentioned as in the past that when EMA is touched the trend usually is near the end, today was classic.

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.

• 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.

ES 5. Getting squeezed.