Daily Recap: It looks like SPY tried and failed to bounce today, although we will ave to wait for tomorrow to see if actually is going down. The 60 min trend line was broken in the morning but SPY failed to break the 120 min trend line and turned back down issuing a short reversal signal by the system (for exact trigger values see battle plan below). SPY is currently trapped between the trend lines, so I guess tomorrow one of them will break and we’ll know where the market is heading. There is also a chance of a reversal on the 60 min trend line and a long signal being issued.
Battle Plan for the 8/30/2013
120 min short reversal signal under 163.37
* 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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