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Main Trend
Current Trend= The trend remained down the entire day.
Today I only looked for short trades.
Today’s Surf
1:30am ET– 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 2.0168 with a stop at the most recent swing high at 2.0187. Since I was 18 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0150.
Entry: Short at 2.0168
Stop: 2.0187
Initial Target: 2.0150
4:15am ET– My target was hit. Price made a clean break of my target so I moved my stop loss to 2.0150 and set my next target for 2.0100.
4:30am ET– Unfortunately I was stopped out at my first target at 2.0150.
10:45am ET– 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 2.0152 with a stop at the most recent swing high at 2.0170. Since I was only 2 pips away from the nearest 50 or 00 level (2.0150), I decided to for the same amount of pips I was risking on the trade, which in this case was 18 pips. This put my target at 2.0134.
Entry: Short at 2.0152
Stop: 2.0170
Initial Target: 2.0134
4:00pm ET– Unfortunately my target wasn’t hit by this time, and according to my rules, I always close out my trades at this time whether I’m winning or losing. I exited at 2.0154 for a slight loss of 2 pips.
Trade Result: +18 -2= +16 pips; R-Multiple: 0.94; -0.11
