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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 :

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

Today's Surf

1:30am 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 1.9708 with a stop at the most recent swing high at 1.9742. Since I was only 8 pips away from the nearest 50 or 00 level (1.9700), I decided to go for the same amount of pips I was risking on the trade, which in this case was 34. This put my initial target at 1.9674.

Entry: Short at 1.9708
Stop: 1.9742
Initial Target: 1.9674

3:15am EST- My target was hit. Price made a clean break so I moved my stop to 1.9674 and set my next target for 1.9650.

3:30am EST- My 2nd target was hit. This time, price did not make a clean break and I took my final profit. I exited at 1.9655.

Trade Result: +53 pips (THIS DOESN'T INCLUDE SPREAD): R-Multiple: 1.55

News events to watch for tomorrow :

• ???- UK Halifax House Price Index
• 9:00am EST- Ben Bernanke Speaks

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

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