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Main Trend
Current Trend= Trend remained down the entire day.
Today I only looked for short trades
Today’s Surf
8:30 pm ET– There was a moving average crossover for a short trade. RSI<50, Stochastics were trending down, and MACD was positive and losing value. This was a valid entry. Entry was at the close of the candle which was at 9519 with a stop at the most recent swing high which was at 9535. Since the entry was before midnight and because I wasn’t too far away from the nearest 00 level, I decided to set my initial target for 9500 and then try to go for more pips if that was hit.
12:45 am ET– Unfortunately I was stopped out of my trade. Result: -16 pips
2:45 am ET– There was a moving average crossover for a short trade. RSI<50, Stochastics were trending down, and MACD was positive and losing value. This was a valid entry. Entry was at the close of the candle which was at 9519 (that’s odd…this was the same entry price for the first price!) with a stop at the most recent swing high which was at 9556. Since the entry was after midnight, there was a good chance for some movement. Instead of targeting the nearest 00 level (9500) which would’ve only gotten me 19 pips, I decided to go for the same amount of pips I was risking. In this case, I was risking 37 pips which put my target at 9482.
5:15 am ET– Price hits my second target at 9550 and makes a nice clean break, getting as low as 9436. However, the price ends up closing above 9550 so I decide to go ahead and exit my trade at 9552.
Trade Result: -16 +67= +51 pips; R-Multiple= 0.81