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Main Trend

Current Trend= The trend remained up until 11am EDT. From 7am - 11am EDT, a new trend change candle formed and changed the trend from up to DOWN. After 11am EDT, the trend remained down the rest of the day.

Today I looked for long trades until 11am EDT. After 11am EDT I only looked for short trades.

Today's Surf

1:45am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already positive. This cancelled out the signal and I did not enter.

6:00am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 2.0644 with a stop at the most recent swing low at 2.0587. Since I was only 6 pips away from the nearest 50 or 00 level (2.0650) I decided to go for the same amount of pips I was risking on the trade which in this case was 57. This put my initial target at 2.0701.

Entry: Long at 2.0644
Stop: 2.0587
Initial Target: 2.0701

10:45am EDT- Unfortunately I was stopped out of my trade.

Trade Result: -57 pips; R-Multiple:-1.00

News events to watch for tomorrow :

• 4:30am EDT- GBP Average Earnings Index
• 8:30am EDT- US Trade Balance

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

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