Daily recap: S&P made a new high this morning and started doing the famous correction/consolidation dance for the rest of the day. I stopped the long position today with a take profit stop at 168.31 making a minor profit of 0.3 points on SPY. The new high triggered a short signal by the system for the 60 min interval and now I have short signals on both intervals.The move higher looks like a wedge pattern so I expect to see another minor high tomorrow before a correction begins but it is not necessary from the system’s point of view. A continuation of the move upwards will result in negation of the signals, and I will twit if it happens.
Battle Plan for the 7/23/2013
60 min interval Short Entry below 168.79 on SPY
120 min interval Short Entry below 168.52
* 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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