Daily Recap: We got the usual dip this morning and everybody and their mother was sure that we are going to see the usual upward movement in the afternoon, but nooooooo, the market continued sideways and finally by the end of day broke down and took out the 4 hour resistance trend line that held since last Monday.
I went short when the 60 min reversal line I wrote about yesterday was crossed (see daily battle plan updates), and it looks like there is a bit more downside to it before I close the position, but first thing the 120 min reversal line has to be triggered.
Battle Plan for the 8-15-2013
60 min interval Stop Loss over 169.27 on SPY
120 min interval Short reversal under 168.6 on SPY
* 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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