If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained down the entire day.
Today I only looked for short trades.
Today’s Surf
1:30am 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 1.9714 with a stop at the most recent swing high at 1.9730. Since I was only 14 pips away from the nearest 50 or 00 level (1.9700) I decided to go for the same amount of pips I was risking on the trade which in this case was 16. This put my target at 1.9698.
Entry: Short at 1.9714
Stop: 1.9730
Initial Target: 1.9698
2:15am EDT– My target was hit. Price made a clean break of my target so I moved my stop to 1.9698 and set my next target for 1.9650.
2:45am EDT– Unfortunately I was stopped out at 1.9698.
7:15am EDT– 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 1.9747 with a stop at the most recent swing high at 1.9798. Since I was 47 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9700.
Entry: Short at 1.9747
Stop: 1.9798
Initial Target: 1.9700
8:15am EDT– Unfortunately my target was not hit by this time. I knew that the NFP was coming out at 8:30am EDT, so I went ahead and exited my trade at 1.9772.
9:45am EDT– 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 1.9751 with a stop at the most recent swing high at 1.9849. Since I was only 1 pip away from the nearest 50 or 00 level (1.9750) I decided to go for the same amount of pips I was risking on the trade, which in this case was 98. This put my initial target at 1.9653.
Entry: Short at 1.9751
Stop: 1.9849
Initial Target: 1.9653
4:00pm ET– Unfortunately my target was not hit by this time. According to my rules I exit all trades at this time whether I’m up or down. I managed to get out at 1.9717 for a 34 pip gain.
Trade Result: +16 -25 +34= +25 pips; R-Multiple: 1.00, -0.49, 0.34