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07/13/2021 Market Recap

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Cobra
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07/13/2021 Market Recap

Post by Cobra »

The line might make the chart looks favoring bears as it can be seen as an overshot. However the volume declined today so the red bar today can be seen as a consolidation, therefore the chart is neutral. Combining 2 factors together, maybe bias is a little bit down?
spy.png
I post a chart without line so that you can see what I mean the chart may not look as bearish as it with the line. I know you might argue this proves the usefulness of the trend line. The problem is trend line is not reliable as any people can draw any different trend line while in order for a line to work, it has to be so obvious that everyone's trade is coincidently based on it therefore creating a self fulfilled effect, so if any people can draw any different trend line then it's not very reliable. Because of this reason (not reliable) so I can only say "maybe bias is a little bit down".
spyWithoutLine.png

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Cobra
Site Admin
Posts: 58333
Joined: Sat Feb 12, 2011 10:29 pm

Re: 07/13/2021 Market Recap

Post by Cobra »

3.png
Started like an uptrend day.
viewtopic.php?f=2&t=4687&p=295997#p295997

Didn't see the 1pm pullback could last all the way to the close. From the comments below obviously I've been expecting a rebound (since it's a range day).
viewtopic.php?f=2&t=4687&p=296006#p296006
viewtopic.php?f=2&t=4687&p=296007#p296007
viewtopic.php?f=2&t=4687&p=296012#p296012

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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