Daily Recap: The pullback I wrote about yesterday started around 11:30 in the morning but really accelerated in the last hour of the trade, but did mange to break the 120 min trend line support, opening the path for a reversal trade if the SPY decides to turn around and go back up tomorrow.
The 120 min long position was closed to day at 166.79 making a profit of 0.51 points, and I am currently neutral.
Battle Plan for the 8/27/2013
Neutral with a possible reversal on the 120 min above the 167.19
* 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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