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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 EDT- US Retail Sales m/m; Unemployment Claims

Today's Surf

2:45am EDT- 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 1.4351 with a stop at the most recent high at 1.4400. Since I was only 1 pip away from the nearest 50 or 00 level (1.4350), I decided to go for the same amount of pips I was risking on the trade, which in this case was 49. This put my initial target at 1.4402 or just to round things off-- right at 1.4400.

Entry: Short at 1.4351

Stop: 1.4400

Target: 1.4300

3:15am EDT- My target was hit. Price made a clean break so I moved my stop to 1.4300 and set my next target at 1.4250. During this same candle, my 2nd target was hit at 1.4250. This time, price did not make a clean break so I took my final profit. I exited at 1.4250.

9:45am EDT- 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 1.4203 with a stop at the most recent high at 1.4267. Since I was only 3 pips away from the nearest 50 or 00 level (1.4200), I decided to go for the same amount of pips I was risking on the trade, which in this case was 64. This put my target at 1.4139.

Entry: Short at 1.4203

Stop: 1.4267

Target: 1.4139.

10:45am EDT- Unfortunately I was stopped out of my trade.

Trade Result: +101 -64= +37 pips (NOT INCLUDING SPREAD) R-Multiple: 2.06; -1.00

News events to watch for tomorrow :

• 9:55am EDT- US Prelim UoM Consumer Sentiment

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

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