Awwwww...and we were doing so well!
It wasn't the best day for me as I lost 38 pips per lot today on 3 lots. You know, I looked at the trade and I didn't like it from the get go. Again I jumped in because the signals were there and I don't want to fall into the habit of picking and choosing which trades I take because that would render the whole strategy pointless. But, that being said, I am starting to get a better "feel" for which ones will and which ones won't work out as well.
The trend was down all day as you can see, so I was only looking for short trades.
Today's Trades:
2:00am 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 1.9614 with a stop at the most recent swing high at 1.9652 . Since I was 14 pips away from the nearest 50 or 00 level (1.9700), I decided to to set my target at that price.
Entry: Short at 1.9614
Stop: 1.9652
Initial Target: 1.9600
3:57am EST: Unfortunately, I was stopped out of my trade.
Results: 1 trade....-38 pips....3 lots....-114 pips
At 9 am there was another crossover, but since Bernanke was speaking I decided it was the same as a news candle, and didn't jump in. I wouldn't have hit my target anyway, but I would have exited the trade by 4 pm for a small gain.
Here are my charts with the entry and exit bars.
Talk to you soon
You can see I bought at the absolute low and the trade went against me immediately!
My stop got hit!
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