Daily Recap: I am not sure if anyone noticed it but SPY started with a gap up to make an all time new high this morning, and only afterwards started tumbling down in what looked like an impulsive pattern until around 1 pm, and afterwards just kept shuffling sideways in the famous consolidation/retracement movement pattern.
Both short signals where triggered today but only the 60 min interval was confirmed, the 120 min short signal line held and SPY closed just above it. This bounce from the 120 min signal line usually does not bode well for the trade but the take profit for the 60 min is close and if the bounce is strong enough a reversal trade will be triggered (see battle plan below for exact values)
No mantra today sorry
Battle Plan for the 7/25/2013
60 min interval take profit above 168.62 on SPY – If it gaps up above 168.82 do not sell there should be another chance later
120 min interval stop loss/reversal above 169.13 on SPY – this should be treated as an entry signal (see below explanation)
* 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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