Current Trend= The trend remained down the entire day.
Today I only looked for short trades.
News events to watch for today :
- 8:30am EDT– US Retail Sales m/m; Unemployment Claims
Main Trend
Today’s Surf
2:45am 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 1.4351 with a stop at the most recent high at 1.4400. Since I was only 1 pip away from the nearest 50 or 00 level (1.4350), I decided to go for the same amount of pips I was risking on the trade, which in this case was 49. This put my initial target at 1.4402 or just to round things off– right at 1.4400.
Entry: Short at 1.4351
Stop: 1.4400
Target: 1.4300
3:15am EDT- My target was hit. Price made a clean break so I moved my stop to 1.4300 and set my next target at 1.4250. During this same candle, my 2nd target was hit at 1.4250. This time, price did not make a clean break so I took my final profit. I exited at 1.4250.
9:45am 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 1.4203 with a stop at the most recent high at 1.4267. Since I was only 3 pips away from the nearest 50 or 00 level (1.4200), I decided to go for the same amount of pips I was risking on the trade, which in this case was 64. This put my target at 1.4139.
Entry: Short at 1.4203
Stop: 1.4267
Target: 1.4139.
10:45am EDT- Unfortunately, I was stopped out of my trade.
Trade Result: +101 -64= +37 pips (NOT INCLUDING SPREAD) R-Multiple: 2.06; -1.00
News events to watch for tomorrow :
- 9:55am EDT– US Prelim UoM Consumer Sentiment
