Current Trend= Trend remained down for most of the day.
Today I only looked for short trades. The trend changed from up to down but that wasn’t until 3pm ET so I wasn’t looking for trades at that time.
11:00 am ET – There was a moving average crossover for a short trade. RSI<50, Stochastics were trending down, and MACD was positive and losing value. This was a valid entry. I entered at the close of the candle which was at 9305 and set my stop at the most recent swing low which was at 9278. Since I was 45 pips away from the nearest 50 level I decided to set my target for 9350.
4:00 pm ET – Unfortunately my target wasn’t hit and as part of my rules, I closed out my trade at this time. I exited at 9290.
Trade Result: -15 pips; R-Multiple= -0.55
The Cable has been really choppy lately so I’m not too worried about the losses this week. The Cable usually moves in nice waves so I don’t think these conditions will last too much longer….at least I hope! Hang in there dudes and dudettes. We’ll catch our monster wave soon!
Tomorrow the NFP is released at 8:30 am ET. If I am in a trade at that time I will exit before right before the report.