Daily Recap:SPY just keeps on going higher and higher,. although the climb is slowing down as things are really getting over bought, so some kind of consolidation/correction inevitable, my guess is that it’s going to be more of a shuffle sideways than a correction, but what do I know.
Trade wise the 120 min long reversal position is open and making money so far, if there is a correction I will be looking for another reversal signal to trade.
Battle Plan for the 11/15/2013
120 min reversal Long stop loss under 177.96
* 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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