The daily trend line was breached today, which does not bode well for bulls, and casts a question mark on Santa rally celebration this year, but who know? there is still plenty of time for bulls to get it together and make a comeback, and there seems to be no panic in the markets yet.
It looks like the bounce near the end of day is going to fail tomorrow and we will see a new low which in a way is good cause it will create a positive divergence on the 60 and 120 min intervals and the system will most probably issue a long signal. If by some miracle we make a higher low instead I will be looking for a reversal signal near one of the trend lines.
Battle Plan for the 12/13/2013
* 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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