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Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades.

Today's Surf

2:45am EDT- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 2.0549 with a stop at the most recent swing high at 2.0602. Since I was 49 pips away from the nearest 50 or 00 level, I put my initial target at 2.0500.

Entry: Short at 2.0549
Stop: 2.0601
Initial Target: 2.0500

4:15am EDT- My target wasn't hit by this point and I knew that GBP Retail Sales was coming out at 4:30, so I closed out my trade at 2.0520.

8:30am EDT- There was a valid signal here but because it occurred on a news candle, I did not enter.

10:45am EDT- 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 2.0452 with a stop at the most recent swing high at 2.0491. Since I was only 2 pips away from the nearest 50 or 00 level, I decided to go for the same amount of pips I was risking on the trade, which in this case was 39. This put my target at 2.0413.

Entry: Short at 2.0452
Stop: 2.0491
Initial Target: 2.0413

4:00pm EDT- My target wasn't hit by this time, and according to my rules I always exit by 4pm. I manually closed my trade and was able to get out at 2.0437.

Trade Result: +29 +15= +44 pips; R-Multiple: 0.55, 0.38

News events to watch for tomorrow :

• 9:00am EDT- US TIC Data
• 9:15 EDT- US Industrial Production

For a list of all of tomorrow's news events, check out our Forex Calendar

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