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Main Trend
Current Trend= Trend remained down for the entire day.
Today I only looked for short trades.
Today’s Surf
8:30 pm ET-There was a moving average crossover for a short trade but MACD was negative which cancelled the signal. No entry.
12:45 am ET- There was a moving average crossover for a short trade. RSI<50, Stochastics were trending down, and MACD was positive and losing value. This is a valid entry. Entry was at the close of the candle which was at 9640 with a stop at the most recent swing high which was at 9657. Since the signal came after midnight, and because I was 40 pips away from a 00 level, I decided to set my initial target for 9600.
1:00 am ET- Unfortunately I am stopped out of my trade which resulted in a loss of -17 pips.
3:00 am ET- There was a moving average crossover for a short trade. RSI<50, Stochastics were trending down, and MACD was positive and losing value. This is a valid entry. Entry was at the close of the candle which was at 9633 with a stop at the most recent swing high which was at 9679. Since the signal came after midnight, and because I was 33 pips away from a 00 level, I decided to set my initial target for 9600.
5:45 am ET– Price touches 9600 and does not move any lower. Time to close the trade for a gain of +33 pips.
9:30 am ET– There was a moving average crossover for a short trade but MACD was negative which cancelled the signal. No entry.
1:00 pm ET– There was a moving average crossover for a short trade but MACD was negative which cancelled the signal. No entry. Plus it was near the end of the trading week. Not a good time to enter the market!
Trade Result:-17, +33= +16 pips; R-Multiple= 0.72