Well it was kind of a bummer today to get into a trade and take a 32 pip hit on 3 lots. Fortunately, I can go into the next trade with more comfort because I believe in stats, and these say that my strategy is right 65% of the time. So these are the trades that fall in the 36%.
Today's Trade
6:45am 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 1.9686 with a stop at the most recent swing high at 1.9718. Since I was 33 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9650.
Entry: Short at 1.9683
Stop: 1.9716
Initial Target: 1.9650
7:45am EST- Unfortunately I was stopped out of my trade.
Results: 1 Trade.....-32 pips....3 lots.....-96pips.
So we are in the red for the week but still three days left to make a comeback.
Here are the charts.
Talk to you soon.
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