Daily Recap 8-7-2013 – Impulsive correction

Daily Recap: Last night I wrote that I expect another leg down and I got it this morning, so can’t complain. SPY is correcting in an impulsive manner and when it started going back up, I closed my short 120 min position at 169.19 with a profit of 0.45 points making it a total profit of 0.65 points on the short leg trades so far.

I am currently neutral waiting to see if the market goes back up or keeps correcting. The system issued a long signal on the 60 min interval, so there is a possibility that we are going back up. I believe it is going to be a reversal signal and a continuation of the correction but as I have said many time before, my beliefs have nothing to do with trading the system so I will follow the system and see what it brings

Battle Plan for the 8/9/2013

2013-08-7-End of day

60 min interval Long entry over 169.82 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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