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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
1:15am 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 at 2.0073 with a stop at the most recent swing high at 2.0086. Since I was 23 pips away from the nearest 00 or 50 level I decided to put my target at 2.0050.
Entry: Short at 2.0073
Stop: 2.0086
Initial Target: 2.0050
2:15am ET– My target was hit! The price made a clean break of my target so I moved my stop to 2.0050 and set my next target for 2.0000.
2:45am ET– My 2nd target at 2.0000 was hit but the price did not make a clean break of that level so I took my final profit.
11:00am 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 1.9998 with a stop at the most recent swing high at 2.0026. Since I was 48 pips away from the nearest 00 or 50 level I decided to put my target at 1.9950.
Entry: Short at 1.9998
Stop: 2.0226
Initial Target:1.9950
11:45am ET– My target was hit. The price made a clean break of my target so I moved my stop to 1.9950 and set my next target for 1.9900.
12:45am ET– Unfortunately I was stopped out at my initial target at 1.9950.
Trade Result: +73 +48= +121 pips; R-Multiple: 5.61, 1.71