Daily Recap: Looks like we have a zigzag shaped correction so far and tomorrow will tell if this was the end or there is another leg down. The 120 min trend line has held so far despite to penetration attempts and the system issued a reversal signal so a move upwards from here will most likely be to new highs. On the other hand I don’t see any positive divergence on the 60 min but another leg down will create it so this point goes to the bears, although I will be surprised if we reach 178.
The 60 min short position was closed today with a small PROFIT during the pullback we had at end of day, we’ll see what tomorrow brings
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Battle Plan for the 11/20/2013
120 min long reversal signal over 179.71
* 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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