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Current Trend= The trend remained down the entire day

Today I only looked for short trades.

News events to watch for today :

  • None

Main Trend

Today’s Surf

1:00 am 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 1.4910 with a stop at the most recent swing high at 1.4962. Since I was only 10 pips away from the nearest 00 or 50 level (1.4900), I decided to go for the same amount of pips I was risking on the trade, which in this case was 52. This put my initial target at 1.4858.

Entry: Short at 1.4910
Stop: 1.4962
Initial Target: 1.4858

2:45 am EDT- Unfortunately, I was stopped out of my trade.

3:30 am 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 1.4903 with a stop at the most recent swing high at 1.4981. Since I was only 3 pips away from the nearest 00 or 50 level (1.4900), I decided to go for the same amount of pips I was risking on the trade, which in this case was 78. This put my initial target at 1.4825.

Entry: Short at 1.4903
Stop: 1.4981
Initial Target: 1.4825

5:15 am EDT- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.4830.

9:45 am 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 1.4801 with a stop at the most recent swing high at 1.4851. Since I was only 1 pip away from the nearest 00 or 50 level (1.4800), I decided to go for the same amount of pips I was risking on the trade, which in this case was 50. This put my initial target at 1.4751 (just rounded it down to 1.4750).

Entry: Short at 1.4801
Stop: 1.4851
Initial Target: 1.4750

10:00 am EDT- My target was hit. Price made a clean break so I trailed my stop to 1.4750 and set my next target for 1.4700.

10:15 am EDT– Unfortunately, I was stopped out at 1.4750.

entry2

Trade Result: -52 +73 +51= +72 pips (NOT INCLUDING SPREAD) R-Multiple: -1.00; 0.93; 1.00

News events to watch for tomorrow :

  • 4:30am EDT– UK Current Account
  • 8:30am EDT– US Final GDP
  • 9:55am EDT– US Revised UoM Consumer Sentiment
  • 10:00am EDT– US New and Existing Home Sales