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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
5:45am 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 2.0103 with a stop at the most recent swing high at 2.0143. Since I was only 3 pips away from the nearest 50 or 00 level (2.0100), I decided to go for the same amount of pips I was risking on the trade, which in this case was 40 pips. This put my target at 2.0063.
Entry: Short at 2.0103
Stop: 2.0143
Initial Target: 2.0063
8:00am ET– Unfortunately I was stopped out of my trade.
Trade Result: -40 pips; R-Multiple: -1.00