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Main Trend

Current Trend

The trend stayed up the entire day.

Today I only looked for long trades.

News events to watch for today :

• 8:30am EST- US Retail Sales; Initial Jobless Claims

Today's Surf

2:00am EST- There was a moving average crossover for a long trade. RSI was greater than 50, MACD was negative and gaining value, but stochastics were still trending down. This cancelled out the signal and I did not enter.

4:15am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry.

The entry was at the close of the candle at 1.6423 with a stop at the most recent low at 1.6366. Since I was 27 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6450.

Entry: Long at 1.6423 Stop: 1.6366 Target: 1.6450

4:30am EST- My target was hit. Price didn't make a clean break so I took my final profit. I exited at 1.6445.

7:30am EST-There was a moving average crossover for a long trade. RSI was greater than 50, MACD was negative and gaining value, but stochastics were still trending down. This cancelled out the signal and I did not enter.

9:15am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry.

The entry was at the close of the candle at 1.6469 with a stop at the most recent low at 1.6379. Since I was 31 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6500.

Entry: Long at 1.6469 Stop: 1.6379 Target: 1.6500

9:45am EST- My target was hit. Price didn't make a clean break so I took my final profit. I exited at 1.6497.

Trade Result: +22 +28= +50 pips (NOT INCLUDING SPREAD) R-Multiple: 0.38; 0.31

News events to watch for tomorrow:

• None

For a complete list of news events check out our Forex Economic Calendar.
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