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05/12/2021 Market Recap

05/12/2021 Market Recap

Postby Cobra » Wed May 12, 2021 5:01 pm

The usual bottom bar is: Volume surge, widest bar, gap down new low but close up so an intraday reversal bar usually with very long lower shadow. Today's bar at least is not a typical bottom bar so maybe NOT yet. Maybe it's the time to fill that weekly gap below?

Below is what a typical bottom bar looks like:
TypicalBottom.png


You can compare it with today's bar. Pay attention to my wording: "Today's bar at least is not a typical bottom bar".
spy.png

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Re: 05/12/2021 Market Recap

Postby Cobra » Wed May 12, 2021 5:11 pm

7.png

Spotted a downtrend day in time, the rest of the day was then easy. Today had no false strong rebound which often seen in a down day so a very rare easy day for bears.
viewtopic.php?f=2&t=4593&p=294469#p294469
viewtopic.php?f=2&t=4593&p=294477#p294477
viewtopic.php?f=2&t=4593&p=294482#p294482 (Probably the only tricky part of the day, just the double bottom failed quickly so not too difficult to hold short)
viewtopic.php?f=2&t=4593&p=294488#p294488
viewtopic.php?f=2&t=4593&p=294491#p294491

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.

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Re: 05/12/2021 Market Recap

Postby JFR » Wed May 12, 2021 7:50 pm

ES daily. The bears are dayum serious this time. Free fall below. Bulls will fight it.


2021-05-12_16-47-00.png
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