Breakeven today

...cont'd from yesterday...

Yesterday, April 29, 2009, SPY showed the following at the end of the day after all trading had been completed yesterday.

Day Chart. Stage 2. First bar since ricocheting upwards.

Hourly Chart. Stage 2.

Half-Hourly Chart. Stage 2.

Quarter Hour Chart. Stage 2, until 3:30 pm when price bars went to Stage 3.

Inferences at the Open of today.
The Charts in the aforesaid time frames are mixed. Therefore, expect trading to be choppy until they all get into the same Stage.

Decision.
Wait until the Quarter Hour Chart returns to Stage 2. Then go long. If that doesn’t happen, do nothing until the Hourly, Half-Hourly and Quarter Hour Charts are all in the same Stage. Then when all those charts are in the same Stage, go long if in Stage 2 but go short if in Stage 4.

Results.

SPY opened into Stage 2 today on a 15 minute chart. The opening price was 88.55. Using the 15 minute chart Prior Bar Countertrend Extreme, the long was stopped out 88.58 Thereafter, the 15 minute chart fell into Stage 4 but the Hourly Chart stayed in Stage 2. Therefore, nothing was done for the rest of the day. Both the 15 minute chart and the 30 minute chart closed in Stage 4 while the Hourly Chart closed in Stage 2.

...cont'd tomorrow...

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