Daily Recap 1-6-2014 – Daily Trend Line Broken

It looked like we will have a bounce from the daily trend line signalling a possible reversal on the daily chart but in the last 5 min of the day SPY showed weakness and closed below the trend line. If my weekend assumptions are correct we have more decline ahead of us, despite the positive divergence and the long signals the system issued. We may also be looking at a possible bearish wedge, which is a bullish sign but we may have some more decline before seeing it breaking upwards.

Battle Plan for the 1/7/2014

60 min long over 183.65

120 min long signal over 184.1

2014-1-6-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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