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09/20/2021 Market Recap

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Cobra
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09/20/2021 Market Recap

Post by Cobra »

Huge volume, long lower shadow so a rebound should be due as early as tomorrow, then we'll see.
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Cobra
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Re: 09/20/2021 Market Recap

Post by Cobra »

6.png
No lesson learnt, called downtrend day right and reminded the later day rebound right too.

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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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JFR
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Re: 09/20/2021 Market Recap

Post by JFR »

SPY daily. Huge gap down on huge volume. All the way to the EMA 100. The market could only hang on to the tightrope for so long before falling off. The candlestick is a hammer.

2021-09-21_01-36-32.png
Screenshot_20210920_161346.jpg
Last edited by JFR on Tue Sep 21, 2021 4:39 am, edited 1 time in total.
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JFR
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Re: 09/20/2021 Market Recap

Post by JFR »

SPY daily PnF. The move down got the PnF headed south

Screenshot_20210920_161721.jpg
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Cobra
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Re: 09/20/2021 Market Recap

Post by Cobra »

JFR wrote:SPY daily PnF. The move down got the PnF headed south

Screenshot_20210920_161721.jpg
What do you think the sharp rebound before the close?

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JFR
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Re: 09/20/2021 Market Recap

Post by JFR »

Cobra wrote:
JFR wrote:SPY daily PnF. The move down got the PnF headed south

The attachment Screenshot_20210920_161721.jpg is no longer available
What do you think the sharp rebound before the close?
Sorry for the delayed answer.

It seems like the normal buying behavior we expect from the bulls. They buy the dips. They buy every opportunity. I think the odds are against them this time though. On the chart the bears look very serious.

It looks like the market is getting some support from the August low, and the EMA 100 (That is the first it has hit the EMA 100 since November, not shown). The low of mid-July is very close now. It should find support there.

It is hard to imagine that another V-bottom as with June, July and August could happen again. There is huge volume at the bottoms. Maybe it will be more like the double bottom of May.

But there is so much money out there, looking for a home. Ha ha. Even if the market went down to the lows of June or May, the bulls would not have given up yet, in my opinion. The action just looks more serious this time.

2021-09-21_01-27-34.png
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Cobra
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Re: 09/20/2021 Market Recap

Post by Cobra »

Why sorry? You can reply whenever you want even no reply. My manner in this forum should be the worst: I simply don't reply mostly :mrgreen:

I don't think another V reversal either but given this market, we never know, let's see.

JFR wrote:
Cobra wrote:
JFR wrote:SPY daily PnF. The move down got the PnF headed south

Screenshot_20210920_161721.jpg
What do you think the sharp rebound before the close?
Sorry for the delayed answer.

It seems like the normal buying behavior we expect from the bulls. They buy the dips. They buy every opportunity. I think the odds are against them this time though. On the chart the bears look very serious.

It looks like the market is getting some support from the August low, and the EMA 100 (That is the first it has hit the EMA 100 since November, not shown). The low of mid-July is very close now. It should find support there.

It is hard to imagine that another V-bottom as with June, July and August could happen again. There is huge volume at the bottoms. Maybe it will be more like the double bottom of May.

But there is so much money out there, looking for a home. Ha ha. Even if the market went down to the lows of June or May, the bulls would not have given up yet, in my opinion. The action just looks more serious this time.

2021-09-21_01-27-34.png

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