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05/14/2021 Market Recap

05/14/2021 Market Recap

Postby Cobra » Fri May 14, 2021 5:06 pm

Strong follow through so bears are half dead, let's see whether bulls can make an all time high the coming Monday which if indeed then bears are really dead. A narrow range bar on Monday might give bears some hopes.

Why better an all time new high coming Monday? Because usually a rebound from a bottom uses less bars to recover all the previous losses. In our case, it was 3 bears bars down, so better bulls take 2 bars to recover all the losses, obviously bulls didn't make it today but if Monday bulls can make a new all time high then 3 bear bars vs 3 bull bars, bulls advance more then still bulls are stronger.

spy.png

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Re: 05/14/2021 Market Recap

Postby Cobra » Fri May 14, 2021 5:09 pm

5.png

Called uptrend day in time, the rest of the day was then easy.
viewtopic.php?f=2&t=4597&p=294578#p294578
viewtopic.php?f=2&t=4597&p=294580#p294580

Spotted the exhaustion bar right.
viewtopic.php?f=2&t=4597&p=294595#p294595

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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