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05/07/2021 Market Recap

05/07/2021 Market Recap

Postby Cobra » Fri May 07, 2021 4:20 pm

Not a bad follow through so 2 consecutive good looking bull bar should mean some up rooms still. On 05/05 Market Recap I said I couldn't think of any good news that could make the market skyrocket high, well, no wonder I was wrong, it's a bad news the market is needed, the worse the economy the better :mrgreen:

spy.png

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Re: 05/07/2021 Market Recap

Postby Cobra » Fri May 07, 2021 4:27 pm

1.png

Started like an uptrend day but never was confirmed.
viewtopic.php?f=2&t=4586&p=294320#p294320

Again, the initial breakout failed. Shouldn't happen in an uptrend day though.
viewtopic.php?f=2&t=4586&p=294325#p294325

The EMA long setup did mean only the last push up was left today.
viewtopic.php?f=2&t=4586&p=294330#p294330

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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Postby MrMiyagi » Fri May 07, 2021 4:28 pm

Current Weekly NDX chart, looks to be same type of test/retest from 12,000 area that is going on now with 14,000.

Capture.PNG
NDX
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Re:

Postby Cobra » Fri May 07, 2021 5:22 pm

MrMiyagi wrote:Current Weekly NDX chart, looks to be same type of test/retest from 12,000 area that is going on now with 14,000.

The attachment Capture.PNG is no longer available


QQQ down 3 weeks in a row usually is buy:

Down 3 weeks, buy at the Friday close, HOLD until the very first week QQQ close up, you have 77% chances to make money with profit factor 2.4 which is a good enough setup.
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QQQDown3Weeks.png

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