I am trying to search my bash history similarly as with CTRL-r, but to forward direction.
It has been a pain for me, when I just hit once too o
You may want to try https://github.com/dvorka/hstr which allows for "suggest box style" filtering of Bash history with (optional) metrics based ordering i.e. it is much more efficient and faster in both forward and backward directions:
It can be easily bound to Ctrl-r and/or Ctrl-s