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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 :

• Tentative- UK Halifax HPI


• 4:30am EST- UK Manufacturing Production, Services PMI


• 10:00am EST- US ISM Non Manufacturing Index


• 2:15pm EST- US FOMC Statement

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 was positive and losing value. This was a valid entry. The entry was at the close of the candle at 1.9590 with a stop at the most recent swing high at 1.9605. Since I was 40 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9550.

Entry: Short at 1.9590

Stop: 1.9605

Initial Target: 1.9550

3:45am EST- My target was hit. Price didn't make a clean break so I took my final profit at 1.9552.

5:45am EST- There was a moving average crossover for a short trade but MACD was gaining value so it cancelled out the signal. No entry.

6:30am 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 1.9550 with a stop at the most recent swing high at 1.9580. Since I was 50 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9500.

Entry: Short at 1.9550

Stop: 1.9580

Initial Target: 1.9500

9:45am EST- My target wasn't hit by this time. I know news is coming out at 10:00am EST, so I decide to cut my loss and exit at 1.9562.

11:00am 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 1.9540 with a stop at the most recent swing high at 1.9568. Since I was 40 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9500.

Entry: Short at 1.9540

Stop: 1.9568

Initial Target: 1.9500

9:45am EST- My target wasn't hit by this time. I know news is coming out at 10:00am EST, so I decide to take my profit at 1.9526.

Trade Result: +38 -12 +14 =+40 pips (NOT INCLUDING SPREAD!) R-Multiple: 2.53; -0.40; 0.50

News events to watch for tomorrow :

• 4:30am EST- UK Claimant Count Change


• 5:30am EST- BOE Inflation Report


• 8:30am EST- US Retail Sales

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

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