Daily Recap: Another all time high was made today, but the market nearly lost all of its gains in the last hour, making it a sideways movement so far. As I twitted during the day it looks like the last decline is just a correction and there is at least one more leg up (see my weekend recap for more details). However, the decline did trigger a reversal signal on the 60 min interval, so if we keep on going higher it will be triggered.
Battle Plan for the 10/29/2013
60 min long reversal signal over 176.47
120 min short signal under 175.23
* 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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