Back to www.cobrasmarketview.com

   

02/22/2021 Market Recap

02/22/2021 Market Recap

Postby Cobra » Mon Feb 22, 2021 6:52 pm

The chart is ambiguous:

Friday's volume surge could be seen as sell exhaustion but since it's just the 2nd consecutive down days with new rebound high (instead of lower than that of the last trading day) so one could argue it means the start of a pullback.
A breakout of the blue line today could be seen as a breakout of a consolidation but it's a doji which could mean a false breakout as often the very first breakout is a false one.

spy.png


My bias is a little down now because the market gap down 3 times recently, the previous 2 times, bulls made a successful intraday V reversal (green arrows) but today it failed (red arrow), which could mean bears are gaining momentum.

Intraday.png

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.
User avatar
Cobra
Site Admin
 
Posts: 49008
Joined: Sat Feb 12, 2011 10:29 pm

Re: 02/22/2021 Market Recap

Postby Cobra » Mon Feb 22, 2021 7:01 pm

7.png

Spotted a very typical bottom: Double bottom plus higher low.
viewtopic.php?f=2&t=4467&p=292037#p292037

Didn't see the pullback could go all the way down though. The general rule is it should be bought, so the call here was wrong.
viewtopic.php?f=2&t=4467&p=292046#p292046

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.

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.
User avatar
Cobra
Site Admin
 
Posts: 49008
Joined: Sat Feb 12, 2011 10:29 pm


Return to Traders Lounge

Who is online

Users browsing this forum: No registered users and 29 guests