Back to www.cobrasmarketview.com

05/28/2021 Market Recap

Post Reply
User avatar
Cobra
Site Admin
Posts: 58344
Joined: Sat Feb 12, 2011 10:29 pm

05/28/2021 Market Recap

Post by Cobra »

Four consecutive reversal like bars (3 open high close lower bars and 1 doji), if candlestick patterns still are of some meaning (yeah, I found candlestick patterns are very unreliable) then the chart should favor bears a little little bit. My experiences, SOMETIMES, there's a blow out up (to make most bears give up) before a pullback can be possible and that blow out up could be the next trading day which happens to be the very first trading day of a month which has been very very bull friendly recently.
spy.png
4.png

Like to read more of my commentaries? Please subscribe my Daily Market Report.
Subscribers can find all the members only posts HERE.
StockCharts members, please vote for me HERE, thanks.
User avatar
Cobra
Site Admin
Posts: 58344
Joined: Sat Feb 12, 2011 10:29 pm

Re: 05/28/2021 Market Recap

Post by Cobra »

5.png
Good call of a rebound and range day.
viewtopic.php?f=2&t=4619&p=294926#p294926

Bad call of this bull shall have legs. It's a range day so "legs" generally don't work. I actually thought it's a range day probably I shouldn't call this bull shall have legs, but I really need say something...
viewtopic.php?f=2&t=4619&p=294930#p294930

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.

Like to read more of my commentaries? Please subscribe my Daily Market Report.
Subscribers can find all the members only posts HERE.
StockCharts members, please vote for me HERE, thanks.
Post Reply