01/03/2024 Market Recap

[Cobra]

Still don't know whether today's down means anything. It's already better than bears used to be though, much better. My guess is the selling might not over yet because bulls got lots of profits in year 2023 (the Nov up has been unbelievable) so are all waiting for the start of the new year to sell so that they don't need pay tax for year 2023. The profit in 2023 was so big therefore the selling now might not short?

Chart wise, it's the very first time testing EMA20 which is the very first likely place to buy so let's see any rebound here first. Non farm payroll Friday is what the market waiting for to confirm the rate cut in March (which is LOL, I don't know what to say, really the market believe the rate cut in March?) so probably not a big up tomorrow if indeed a rebound at EMA20.

[Cobra]

A typical range day: up down up down.

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.