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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
1:45am 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 1.9563 with a stop at the most recent swing high at 1.9588. Since I was only 13 pips away from the nearest 50 or 00 level (1.9550) I decided to go for the same amount of pips I was risking on the trade, which in this case was 25. This put my initial target at 1.9538
Entry: Short at 1.9563
Stop: 1.9588
Initial Target: 1.9538
4:15am EDT– My target wasn’t hit at this point. I knew that the GBP Trade balance was coming out at 4:30am EDT. According to my rules I don’t hold trades over important news events. I exited my trade at 1.9582.
7:45am EDT– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, but MACD was already negative. This cancelled out the signal and I did not enter.
10:15am EDT– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, but MACD was already negative. This cancelled out the signal and I did not enter.
Trade Result: -19 pips; R-Multiple: -0.76
News events to watch for Monday :
- 4:30am EDT- GBP Industrial Production
- 8:30am EDT- US Trade Balance