Daily Recap: In my weekend recap I wrote that I lean towards another upward movement, it seems I leaned a little bit too hard cause the market gapped up (again) this morning and continued to go up, closing above the daily trend line and voiding all bets. It is rarely the case that a turn around happens immediately after a crossing of the trend line, usually the momentum continues some more, and even if there is a pullback it bounces off the new trend line to create a reversal pattern and continue the momentum. In other words we most likely (there are never any sure bets) have more upward movement in the next days but we may first see some correction or sideways movement because the markets are overbought. There is a good chance of a reversal signal being issued if SPY retraces to the trend line and then bounces.
Battle Plan for the 9/10/2013
The 120 min short signal that was issued today during trading hours is still alive although barely.
120 min Short under 166.09
* 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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