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07/23/2021 Market Recap

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Cobra
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07/23/2021 Market Recap

Post by Cobra »

A little volume surge today after being up 4 days in a row so a pullback should be due soon, could be the next Monday, just today’s bull bar still is strong so probably Monday will have a new high then pullback to close in red or small up then a little pullback on Tuesday after all bulls have lots of profits while FOMC is coming so it's quite common to book some profits before the event. Then Wednesday FOMC, we'll see whether the market finds enough excuses to change the game or continue charging up.
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Cobra
Site Admin
Posts: 58333
Joined: Sat Feb 12, 2011 10:29 pm

Re: 07/23/2021 Market Recap

Post by Cobra »

5.png
Identified uptrend day early enough the rest of the day was then easy.
viewtopic.php?f=2&t=4706&p=296291#p296291

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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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