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Thursday
Main Trend
Current Trend= The trend remained down the entire day.
Today I only looked for short trades.
Today’s Surf
9:00am EDT– There was a moving average crossover for a short trade. RSI was less than 50, MACD was positive and losing value, but stochastics were still trending up. This cancelled out the signal and I did not enter.
Trade Result: +0 pips; R-Multiple: N/A
Friday
Main Trend
Current Trend= The trend remained down the entire day.
Today I only looked for short trades.
Today’s Surf
1:15am EDT– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, but MACD was already negative. This cancelled out the signal and I did not enter.
3:15am EDT– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, but MACD was already negative. This cancelled out the signal and I did not enter.
9:15am EDT– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 1.9856 with a stop at the most recent swing high at 1.9890. Since I was only 6 pips away from the nearest 50 or 00 level (1.9850), I decided to go for the same amount of pips I was risking on the trade, which in this case was 34. This put my initial target at 1.9822.
Entry: Short at 1.9856
Stop: 1.9890
Initial Target: 1.9822
12:15am EDT– My target was hit. Price did not make a clean break of my target so I went ahead and took my final profit.
Trade Result: +34 pips; R-Multiple: 1.00
On a side note, I wanted to let everyone know that I will be taking a break from trading this coming week to spend time with family and friends for the holidays. I encourage you all to take some time to relax and just enjoy this time of the year. I will begin posting again January 2nd, 2008! Have a Merry Christmas and a Happy New Year dudes and dudettes!!