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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
1:15am 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 1.9686 with a stop at the most recent swing high at 1.9710. Since I was 36 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9650.
Entry: Short at 1.9686
Stop: 1.9710
Initial Target: 1.9650
2:45am EDT– My target was hit. Price did not make a clean break of my target so I took my final profit. I managed to get out at 1.9655.
7:45am 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 1.9711 with a stop at the most recent swing high at 1.9747. Since I was only 11 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 36. This put my initial target at 1.9675.
Entry: Short at 1.9711
Stop: 1.9747
Initial Target: 1.9675
10:45am EDT– Unfortunately I was stopped out.
11:15am 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 1.9686 with a stop at the most recent swing high at 1.9754. Since I was 36 pips away from the nearest 50 or 00 level, I decided to set my initial target at 1.9650.
Entry: Short at 1.9686
Stop: 1.9754
Initial Target: 1.9650
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 1.9696 for a 10 pip loss.
Trade Result: +31 -36 -10= -15 pips; R-Multiple: 1.29, -1.00, -0.15
News events to watch for Monday :
- 10:00 EDT– US Pending Home Sales