Thursday, December 22, 2011

Emini intraday update

My VST signal is still on a buy. I am still partly long, after closing 60% of the SPY position. When and if the trailing stop 2% hits, I will still be profitable on that position taking my entry into consideration.

At this hour, I wanted to post an intraday Emini futures update. There is a negative divergence of the price with the RSI (14) on the /ES hourly. I noticed this divergence early on, but the divergence is not complete until the hourly bar is complete. I am posting this now as we are very close to finishing the hour. What this means is we may have reached a VVST short term top. After consolidation, we may go up or down. My signal will determine my next entry. If VST signal continues to be on buy, my current position should be good. If VST signal is sell, I will open a short sell VST SPY position. I will post it on my trading blog. The divergence on the chart below is valid as long as the trendlines hold.

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