03/21/2023 Market Recap

[Cobra]

FOMC tomorrow, anything can happen so no guess here. The chart favors bears a little bit though.

[Cobra]

Started like a downtrend day but got reversed, didn't see the strong up in the last hour.

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.

[JFR]

SPY daily.

Definitely some positive action. 6 days up off a low. Breaking above the EMAs and the mid-point of the Bollinger. Strong volume getting the move up started.

Is that enough? For overnights, not for this trader. I prefer it to be as indicated with the arrows. Needs a strong EMA 20, not flat as it is now. And pushing the outside of the envelope of the Bollinger. And the MACD stronger than it is now.