05/01/2024 Market Recap

[Cobra]

It's arguably a good bear follow through because it's not a red bar with big body instead it has a long upper shadow which according to my experiences should not be counted as a good bear bar. But this time, let me go against my experiences again to count it as a good follow through therefore probably more down ahead.

You might want to ask what about the volume surge today? Because it's just the 2nd red bar, so an increased volume actually favored bear. Bull capitulation need several consecutive red bars, not just the 2nd bar.

[Cobra]

A rare FOMC day that was up first then reversed down.

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.