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Main Trend
Current Trend= The trend remained up until 7am EDT. From 3am – 7am EDT a new trend change candle formed and changed the trend from up to DOWN. After 7am EDT, the trend remained down the rest of the day.
Today I only looked for long trades until 7am EDT. After 7am EDT, I only looked for short trades.
Today’s Surf
1:30am EDT– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already positive. This cancelled out the signal and I did not enter.
4:00am EDT– There was a valid signal for a long trade. However, I knew that UK Retail Sales was coming up at 4:30am EDT so I decided not to take this one.
7:00am EDT– New trend change candle had formed and the trend was now DOWN.
9:00am EDT– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 1.9583 with a stop at the most recent swing high at 1.9618. Since I was 33 pips away from the nearest 50 or 00 level, I decided to set my initial target at 1.9550.
Entry: Short at 1.9583
Stop: 1.9618
Initial Target: 1.9550
9:30am EDT– Unfortunately I was stopped out of my trade.
10:15am EDT– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 1.9591 with a stop at the most recent swing high at 1.9620. Since I was 41 pips away from the nearest 50 or 00 level, I decided to set my initial target at 1.9550.
Entry: Short at 1.9591
Stop: 1.9620
Initial Target: 1.9550
10:45am EDT– My target was hit. Price made a clean break of my target so I trailed my stop to 1.9550 and set my next target for 1.9500.
11:00am EDT– Unfortunately I was stopped out at 1.9550.
Trade Result: -35 +41= +6 pips; R-Multiple: -1.00, 1.41
*Note- I will be traveling the globe starting Monday and will be gone for 3 weeks. During this time I will have limited access to the internet which will make posting quite difficult. However, I encourage you to continue practice trading and if you have any questions, visit the Cowabunga Thread on our forums and discuss it with other Cowabunga traders. I will resume posting as soon as I can and I hope you all like totally catch some righteous waves dudes, fer sure!
