Weekly Recap: SPY just keeps pushing higher and higher making at best higher lows. The weekly negative divergence I was following on the weekly chart is about to be negated which means good news for long term bulls. On the daily chart there still is a negative divergence and SPY closed way over the Bollinger Bands so we should see some kind of retrace/consolidation movement this week.
In the short term term there is a negative divergence on the 60 min and the system issued a short signal (see exact entry points below in battle plan). Not sure if the signal will be triggered since the move upwards was very strong, we may just see a sideways consolidation before continuing upwards.
There was not a lot to update on Friday (and come to think about it on Thursday too) since the market kept going up so I kept the tweets to a minimum. The 120 long reversal position I opened on Wednesday is so far very profitable, and if remain so it will be a big step towards reaching the profit goal this month.
Battle Plan for the 11/18/2013
60 min short under 197.27
120 min reversal long stop loss under 178.93
* 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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