Daily Recap: When I stated yesterday that I am closing my long position, it was because I was following the system and not because I have some psychic abilities, but the system was right again as this morning the market started correcting. Both 60 and 120 min short signals were triggered and confirmed with a strong move downward, the 60 min short was closed with PROFIT an hour later due to a relatively strong pullback, but the 120 min short remains open and I expect another leg down sometime tomorrow. The size of the pullback afterwards will decide if we are indeed facing a longer correction or taking a stab at a new high. If this scenario does not materialize and the market just goes up tomorrow then I expect new highs this week
Battle Plan for the 8/7/2013
120 min interval Stop Loss over 170.93 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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