Daily Recap: The week started with a big gap down in the morning, then the market bounced up almost closing the gap, WAIT, I have a flashback to several days last week, could we be stuck in a loop? am I having a bad trip? at least this time the market did not hold but broke down at the last hour to just about the resistance line (see chart below). Soooo, if we gap down tomorrow this is probably the end of this annoying triangle movement, if it goes back up we may have another cycle to go.
Oh, there were no battle plan updates today because despite what looks like volatile movement nothing really changed until the last hour 😉
Battle Plan for the 10/8/2013
120 min long over 169.45
120 min short stop over 169.21 – should be treated as a take profit stop (see below explanation)
* 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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