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09/06/2024 Market Recap

Posted: Fri Sep 06, 2024 4:39 pm
by Cobra
Volume wasn't large enough for a panic bottom so probably the low wasn't in yet.

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Re: 09/06/2024 Market Recap

Posted: Fri Sep 06, 2024 4:40 pm
by Cobra
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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.

Re: 09/06/2024 Market Recap

Posted: Sat Sep 07, 2024 5:09 am
by JFR
SPY daily.

Not good for the bulls.

Two huge bear candles (marubozus), in the four-day move down started on September 3.

Down through the EMA 20 and 50. Eyes on the EMA 100. Yikes.

All indicators down.

But it is just a pullback. Crash coming? I doubt it. Normal profit taking, and shortsell speculation, imo.

But then I prefer a bull market to a bear market.


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Posted: Sat Sep 07, 2024 2:07 pm
by MrMiyagi
No weekend post?

Re:

Posted: Sat Sep 07, 2024 10:17 pm
by Cobra
MrMiyagi wrote: Sat Sep 07, 2024 2:07 pm No weekend post?
Just posted, sorry forgot. :roll: