SPY opened the year with a decline, I hope this doesn’t forecast the rest of the year.
The 60 min long position was closed, and the two short positions (60 min and 120 min ) were triggered. As I wrote on my last battle plan progress update of the day it is time for a pullback and therefore time to set the take profit stops. The size of the pullback will determine if this was the end of the correction or if there is more decline ahead. If we keep on going up, I will be waiting near the trend line for a reversal signal.
Battle Plan for the 1/3/2014
Same take profit stop for both intervals
take profit stop over 183.2
* 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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