03/11/2021 Market Recap

[Cobra]

The bear's last hope is a double top here on which I won't count. So far the body of the past 3 up bars have been small which at least is not a typical strong rebound from an important bottom. I don't remember I ever saw this kind of pattern. Let's wait to see what it leads to.

[Cobra]

Spotted uptrend day in time. After it first touched the EMA20 the rebound was not a typical uptrend day anymore so should be easy to know it's time to book profit. I forgot to mention that.
viewtopic.php?f=2&t=4497&p=292665#p292665
viewtopic.php?f=2&t=4497&p=292675#p292675 (Not very clear but actually did reminder sometimes the trend ends after the first touch of the EMA20)

A little late (I was busy on something else) but remembered to call lower high after all, so a progress.
viewtopic.php?f=2&t=4497&p=292686#p292686

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.

[Cobra]

$QQQ, another example that the rebound from a bottom this time is different. What does it imply, I'm not sure. Maybe just a coincidence, no need read much.

See the chart below, I circled all the recent pullbacks so that you can see: a rebound from an important bottom would at least have 2 to 3 consecutive up days. Now take a look at what we have now: So far simply no consecutive 2 up days, right?

Click the chart to see the original size.

[Cobra]

The good news is now $NYMO is well above zero, which means SPY should still have some up rooms until $NYMO falls gradually back to below zero.