Daily Recap: SPY started the day declining 0.83 points then jumped up 1.45 points turned around and declined 2.13 points and it was only 2 pm, by the end of day it managed to go back up another 1.78 points and finally close 0.02 below yesterday’s close. I am not sure where we are going from here, but things are definitely getting hectic.
I was sure that the dip at the open of the trade day was the dip I was expecting last night especially since it was followed by a strong bounce, so when a second decline started and a system reversal signal was triggered I was sure we are heading down but now I have my doubts mainly because of the positive divergence I see on both intervals that caused the system to issue long signals so we could be facing more highs ahead.
See my battle plan below for the tomorrow’s system signals and don’t forget to like or re-tweet this so other people will enjoy it.
Battle Plan for the 12-5-2013
60 min long over 180.6
60 min reversal short stop over 180.48
120 min long over 181.33
120 min short take profit stop over 180.13
* 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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