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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 :

• 8:30am EST- US Trade Balance

Today's Surf

2:00am EST- There was a moving average crossover for a short trade. However, MACD was already negative which cancelled out the signal. No entry!

5:45am 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 1.9532 with a stop at the most recent swing high at 1.9549. Since I was 32 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9500.

Entry: Short at 1.9532
Stop: 1.9549
Initial Target: 1.9500

6:30am EST- My target was hit. Price made a clean break so I moved my stop to 1.9500 and set my next target for 1.9450.

6:45am EST- Unfortunately I was stopped out at 1.9500.

Trade Result: +32 pips : R-Multiple: 1.88

News events to watch for Monday :

• 4:30am EST- UK PPI Input, UK Trade Balance

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