Main Trend
Current Trend= Up
Today I only looked for long trades.
Today’s Surf
6:30 pm ET-Cowabunga signal generated. RSI > 50, Stochastics trending up, and MACD went from negative to positive. Entry was at 9764 with a stop at the most recent swing low which was 9750. Normally, I would target 9800 in this case since the entry was a good distance away from a 00 or 50 level. However, since the signal happened before midnight I watched this trade very closely and set my initial target to the same amount of pips I was risking. In this case, the risk was 14 pips (9764-9750), so my target was 9778 (9764+14). Notice that this target is not big at all and once you factor in the spread, it becomes a very small trade.
7:00 pm ET- My target was hit, but instead of closing my trade for a measly gain, I moved my stop to breakeven just to see if I could catch any more pips. I set my new target for 9800.
2:30 am ET- Price shoots through 9800 with a nice clean break so instead of taking profit, I adjusted my stop and set it at 9800 to lock in some profit. My next target was for 9850.
5:00 am ET- The Cable hits 9850 and I held my trade to see if it would close above it. But unfortunately the price retraced down and I closed my trade out at 9850.
Trade Result: +86 Pips; R Multiple= 6.14