Weekly Recap 10-17-2014 – Hammer Time

thor-lightning-hammerThe bulls managed to pull a weak hammer pattern in the last two days of the week. By weak I mean that if the head of the hammer would have been green it would be more likely to be a bull sign, but it is still bullish so we’ll just have to see if there is a followup next week. On the other hand, as I keep writing in my posts I don’t see any sign on my indicators for a reversal so I think this is just a temporary bounce. I could certainly be wrong, but if I am right I think the bounce is limited to 2-3 more points before a turn around.

From a trade point of view the system stayed on the sidelines this week, although it came very close (one pips) to entering a short trade yesterday. It is currently signaling a short trade. You can see the exact values for the trade here.

2014-10-17-Weekly

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Weekly Recap 10-12-2014 – Welcome to the Jungle

keep-calm-and-welcome-to-the-jungle-48Welcome to the jungle
Watch it bring you to your
knees, knees
I wanna watch you bleed

Welcome to the jungle
We take it day by day
If you want it you’re gonna bleed

The weekly trend line that started on the first week of 2013 has broken this week signalling in my opinion a change in trend. The last couple of times this happened it was a minor correction that mainly moved sideways so if third time is a charm it will stop around the 180 on SPY but chances are we are heading into a larger correction that will see SPY decline to 160  or if things get worse to 140 before turning back up again.

The good news are the system is making money even in down trends and if past performance is an indication will continue to do so. The system is currently neutral and waiting for a bounce or reversal to issue a signal. I will as usual try and update on twitter or on this site as soon as I can.

2014-10-12- Weekly

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