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02/17/2021 Market Recap

02/17/2021 Market Recap

Postby Cobra » Wed Feb 17, 2021 5:54 pm

I'll give the yesterday's bearish reversal bar one more day to prove itself. The bar today looks bullish though.
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Re: 02/17/2021 Market Recap

Postby Cobra » Wed Feb 17, 2021 5:59 pm

3.png

I knew the low was in but hard to tell whether it'd be just in a range or go all the way up till the close.
viewtopic.php?f=2&t=4460&p=291917#p291917

I was too optimistic here. Usually the call would work though.
viewtopic.php?f=2&t=4460&p=291910#p291910

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.

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Re: 02/17/2021 Market Recap

Postby Cobra » Wed Feb 17, 2021 8:51 pm

$NYMO finally is below zero now, much faster than I thought. SPY at the same time just a few cents near the all time close high. Again, below zero is a necessary condition for a top not a sufficient condition, i.e. we now meet the condition to be a top but it doesn't guarantee it'd be a top.

0.png

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