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Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades.

News events to watch for today :

• 8:15am EST- ADP Nonfarm Employment Change
• 9:30am EST- Fed Chairman Ben Bernanke Speaks

Today's Surf

1:15am EST- 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 1.9756 with a stop at the most recent swing high at 1.9782. Since I was only 6 pips away from the nearest 50 or 00 level (1.9750), I decided to go for the same amount of pips I was risking on the trade, which in this case was 26. This put my initial target at 1.9730.

Entry: Short at 1.9756
Stop: 1.9782
Initial Target: 1.9730

1:30am EST- Unfortunately I was stopped out of my trade.

Trade Result: -26 pips; R-Multiple: -1.00

News events to watch for tomorrow :

• 4:30am EST- UK Services PMI
• 10:00am EST- US ISM Non-Manufacturing Composite

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