Daily Recap: The market tried to bounce in the morning but very fast ran out of steam and came back down, yet it did not break yesterday’s lows and in the last hour bounced back, it remains to be seen if there will be a follow up tomorrow.
The turnaround back down in the morning was not a “classic” reversal pattern but I decided to go short, it may appear I was a little premature but we’ll have to see tomorrow.
Battle Plan for the 9/27/2013
60 min short Stop over 169.75
The positive divergence still exists so
60 min long over 170.49
120 min long over 170.78
* 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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