Due to technical difficulties yesterday, I did not get a chance to trade. Thankfully I was back in the markets today.

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Main Trend

Current Trend= The trend remained up until 4am EST. From 4am - 8am EST, a new trend change candle formed and changed the trend from up to DOWN. After 8am EST, the trend remained down the rest of the day.

Today I only looked for long trades until 4am EST. After 4am EST, I only looked for short trrades.

News events to watch for today :

• 4:30am EST- UK Claimant Count Change
• 5:30am EST- BOE Inflation Report
• 8:30am EST- US CPI

Today's Surf

12:30am 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 1.9442 with a stop at the most recent swing high at 1.9458. Since I was 42 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9400.

Entry: Short at 1.9442
Stop: 1.9458
Initial Target: 1.9400

2:00am EST- Unfortunately I was stopped out of my trade.

2:30am EST- There was a moving average crossover for a short trade. However, stochastics were trending up which cancelled the signal. No entry.

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

10:30am 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 1.9411 with a stop at the most recent swing high at 1.9472. Since I was 11 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9400.

Entry: Short at 1.9411
Stop: 1.9472
Initial Target: 1.9400

4:00pm EST- My target wasn't hit by this time and since it was 4pm EST, it was time to end my day. I closed my trade and exited at 1.9446.

Trade Result: -16 -35= -51 pips : R-Multiple: -1.00; -0.57

News events to watch for tomorrow :

• 8:30am EST- US Empire State Business Index
• 9:00am EST- US TIC Data
• 9:30am EST- Bernanke Speaks
• 10:00am EST- US Philadelphia Fed Index

For a complete list of news events check out our News Section

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