Daily Recap: The attempted rally by the bulls triggered the reversal trades on both intervals but alas the bulls got cold feet at the last hour and the decline reached the stop loss point in the last minutes of the day. Technically spy made a new all time high today near end of day, so I can make a case for the end of the push that started on 11/8 at 174, but I will have to wait for the daily trend line to be broken first to be sure (currently at 177.72). In the meantime I am neutral and waiting to see if we have another reversal signal tomorrow or will the trend lines break. Tomorrow is the last day before thanksgiving so probably volume will be light.
Battle Plan for the 11/27/2013
Cruising in Neutral, waiting for a system signal
* 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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