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Main Trend
Current Trend= The trend remained down the entire day.
On Friday, I only looked for short trades.
Today’s Surf
3:00am EDT– 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 2.0426 with a stop at the most recent swing high at 2.0479. Since I was 26 pips away from the nearest 50 or 00 level, I put my initial target at 2.0400.
Entry: Short at 2.0426
Stop: 2.0479
Initial Target: 2.0400
5:00am EDT– My target was hit. Price did not make a clean break so I took my final profit. I managed to exit at 2.0402.
10:30am EDT– 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 2.0440 with a stop at the most recent swing high at 2.0497. Since I was 40 pips away from the nearest 50 or 00 level, I put my initial target at 2.0400.
Entry: Short at 2.0440
Stop: 2.0497
Initial Target: 2.0400
12:15am EDT– Unfortunately I was stopped out of my trade.
Trade Result: +24 -57= -33 pips; R-Multiple: 0.49, -1.00