Daily Recap 10-31-2013 – You pay for your Mistakes

Daily Recap: Annoying day overall, I made two mistakes today, misinterpreting the system and it cost me, so I guess it’s true when they say you pay for your mistakes. The market started with a decline that confirmed the 120 min short, and then turned around and started climbing, that’s when I made my first mistake. Invoking mantra #4 (if it ain’t with you it’s against you) I moved the stop to this mornings high instead of leaving it where it was at 177.07 and of course got stopped with a loss. The second mistake, is that I failed to follow (and report) the 60 min reversal signal the system issued immediately afterwards, costing me profits again. In my defense I must say I was driving at the time and could not tweet. If you did not get stopped or noticed the reversal from my charts and took it I will continue updating those trades, as they are listed in the system and I would like to be consistent.

Battle Plan for the 11/1/2013

60 min reversal Stop over 176.49

120 min short stop over 177.09

2013-10-31-End of day

* Stop loss lines should be triggered if there is an interval close above them (i.e. 60 min or 120 min ), they are published in the daily blog and updated during trading hours on twitter.

* Take profit lines should be triggered immediately when crossed, they are usually issued during the trading day on twitter.

* Entry signals should be triggered when crossed, but take into account that until there is a confirmation (i.e. close of the interval across the entry signal) , the signal can become a reversal signal.

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Daily Recap 10-30-2013

Daily Recap: Despite my worries yesterday that market will gap down SPY opened with a quick new high in the morning reaching the inverse head and shoulders target I mentioned on my weekend report (no need for applause), and followed by an all day decline that didn’t stop even for FOMC. To my surprise, the downward momentum was strong enough to break the 120 min trend line and trigger a short trade but not strong enough to confirm (close the 120 min below the trend line), so there is a possibility that this was an over reaction to FOMC (god knows why) and SPY will turn around and come back up making it a reversal trade. My statistics show that usually when the a 120 trend line is crossed confirmation comes in the same candle or the following one, but it can take up to 3 candles so we will just have to wait and see tomorrow. I will not be surprised if we gap down in the morning to confirm.

Despite my worries from last night the 60 min long reversal position held overnight was closed with a PROFIT of 0.39 points

Battle Plan for the 10/31/2013

120 min long reversal signal over 177.31

120 min short Stop over 177.07

2013-10-30-End of day

* Stop loss lines should be triggered if there is an interval close above them (i.e. 60 min or 120 min ), they are published in the daily blog and updated during trading hours on twitter.

* Take profit lines should be triggered immediately when crossed, they are usually issued during the trading day on twitter.

* Entry signals should be triggered when crossed, but take into account that until there is a confirmation (i.e. close of the interval across the entry signal) , the signal can become a reversal signal.

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