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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

2:15am 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 2.0141 with a stop at the most recent swing high at 2.0154. Since I was 41 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0100.

Entry: Short at 2.0141
Stop: 2.0154
Initial Target: 2.0100

2:00am EDT- My target was hit. Price did not make a clean break so I took my final profit.

4:30am EDT- This was a news candle so there was no entry.

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 2.0032 with a stop at the most recent swing high at 2.0072. Since I was 32 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0000

Entry: Short at 2.0032
Stop: 2.0072
Initial Target: 2.0000

11:00am EDT- My target was hit. Price did not make a clean break of my target so I went ahead and took my final profit.

Trade Result: +41 +32= +73 pips; R-Multiple: 3.15; 0.64

News events to watch for tomorrow :

• 4:30am EDT- GBP GDP
• 8:30am EDT- US Unemployment Claims

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

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