If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained up until 12pm ET. From 8am – 12pm ET a new trend change candle formed and changed the trend from up to DOWN. After 12pm ET, the trend remained down.
Today I looked for long trades until 12pm ET. After 12pm ET the trend changed to DOWN, but I rarely look for trades after 12pm ET so I finished up for the day.
Today’s Surf
12:45am ET– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 2.0132 with a stop at the most recent swing low at 2.0113. Since I was 18 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0150.
Entry: Long at 2.0132
Stop: 2.0113
Initial Target: 2.0150
1:15am ET– My target was hit. The price made a clean break of my target so I moved my stop loss to 2.0150 and set my next target for 2.0200.
2:00am ET– Unfortunately I was stopped out at my initial target of 2.0150.
Trade Result: +18 pips; R-Multiple: 0.95