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03/23/2023 Market Recap

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Cobra
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03/23/2023 Market Recap

Post by Cobra »

No bear follow through but the bull's attempt to rally failed again (long upper shadow and filled black bar meaning open high close lower) so tomorrow might be the bear's turn to try, so bias is down.
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Cobra
Site Admin
Posts: 58341
Joined: Sat Feb 12, 2011 10:29 pm

Re: 03/23/2023 Market Recap

Post by Cobra »

0.png
Confirmed uptrend day but gladly I have a rule of no to trade when within the range for the previous day.
viewtopic.php?f=2&t=5644&p=313191#p313191
Since it's a confirmed uptrend day so I thought the pullback would be bought which was wrong.
viewtopic.php?f=2&t=5644&p=313197#p313197

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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.
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Serenity
Posts: 131
Joined: Thu Jun 16, 2022 12:27 pm

Re: 03/23/2023 Market Recap

Post by Serenity »

Seasonality should be bullish. Market has been selling since Feb 6th.It is almost oversold so far and it is within lower BB level on my chart . Central banks making Dollar swap change to boost liquidity. $UST2Y dropped from 5.05 to 4'ish zone. SPX still holding all the 3855, 3783 , 3719, 3577 are all intact so far. Back in Dec 2022 to Jan 3rd, we were waiting for Santa rally.
Since March 13 till now, we are accumulating, why financial not rallying? Maybe we need to go sideway ( Dec 19th-Jan 3rd) a little more before the big rally. $NAAD is almost back to level Dec 2022. Sitting on the cash and being patient. Waiting for dead cat bounces.
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