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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 Core PCE
• 9:45am EST- Chicago PMI
• 10:00am EST- Revised Michigan Sentiment

Today's Surf

2:45am 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 1.9750 with a stop at the most recent swing high at 1.9788. Since I was only 50 pips away from the nearest 50 or 00 level, I decided to put my target at 1.9700.

Entry: Short at 1.9750
Stop: 1.9788
Initial Target: 1.9700

4:30am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.9699.

7:00am 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 1.9720 with a stop at the most recent swing high at 1.9747. Since I was only 20 pips away from the nearest 50 or 00 level, I decided to put my target at 1.9700.

Entry: Short at 1.9720
Stop: 1.9747
Initial Target: 1.9700

8:15am EST- My target wasn't hit by this time and since news was coming out at 8:30am EST, I closed my trade. I exited at 1.9725.

Trade Result: +51 -5= +46 pips (THIS DOESN'T INCLUDE SPREAD): R-Multiple: 1.34; -0.18

News events to watch for Monday :

• 4:30am EST- UK Manufacturing PMI
• 10:00am EST- US ISM Manufacturing Index

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

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