If this is your first time visiting this blog, read this first!
Sorry dudes. No video today! I promise I’ll put one up when I have some time!
Main Trend
Current Trend= The trend remained stayed up until 4am EST. From 12am – 4am EST, a new trend change candle formed and changed the trend from up to DOWN. After 4am EST, the trend remained down the rest of the day.
Today I only looked for long trades until 4am EST. After 4am EST, I only looked for short trades.
News events to watch for today :
- None
Today’s Surf
5:45am EST– 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 1.9863 with a stop at the most recent swing high at 1.9883. Since I was only 13 pips away from the nearest 50 or 00 level (1.9850), I decided to go for the same amount of pips I was risking on the trade which in this case was 20. This put my initial target at 1.9843.
Entry: Short at 1.9863
Stop: 1.9883
Initial Target: 1.9843
6:00am EST– Unfortunately I was stopped out of my trade.
11:15am EST– 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 1.9874 with a stop at the most recent swing high at 1.9901. Since I was 24 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9850.
Entry: Short at 1.9874
Stop: 1.9901
Initial Target: 1.9850
11:45am EST– My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.9852.
Trade Result: -20 +22= +2 pips: R-Multiple: -1.00; 0.81
News events to watch for tomorrow :
- 3:00am EST- Halifax House Price Index m/m
- 10:00am EST- US Pending Home Sales