Daily Recap: SPY saw the first real attempt at a bounce today, that got rejected near the 120 min trend line and created a reversal pattern.
The 120 min short position was closed to day at 165.74 with t a profit of 1.68 points. A new 120 short position was opened in the last few minutes of the day due to the reversal pattern.
For the record, the bounce today triggered a 60 min long trade that was opened and closed today with a loss of 0.34 points. Since I am still on vacation I did not tweet about it (so it is your gain), but as it’s the Blog’s purpose to document the system’s outcomes I thought I should mention it.
Battle Plan for the 8/21/2013
120 min interval Stop Loss over 166.28 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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