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Main Trend
Current Trend= The trend remained down the entire day.
Today’s Surf
2:15 am ET– 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 which was at 2.0304 with a stop at the most recent swing high at 2.0335. Since I was only 4 pips away from the nearest 00 level (2.0300), I decided to go for the same amount of pips I was risking on the trade which in this case was 31. This put my target at 2.0273.
Entry: Short at 2.0304
Stop: 2.0335
Initial Target: 2.0273
3:15 am ET– My target was hit at 2.0273 and the candle made a clean break of that level. Instead of closing out my trade I trailed my stop to that level and went for my 2nd target at 2.0250.
3:30 am ET– Unofortunately I was stopped out at 2.0273 for a gain of +31 pips.
8:30 am ET- There was a valid signal here but it was the result of a major news event (USD Nonfarm Productivity) so I did not enter.
Trade Result: +31 pips; R-Multiple: 1.00