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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 :

• 4:30am EST- UK Services PMI
• 8:30am EST- US Unemployment Claims
• 10:00am EST- US ISM Non-Manufacturing PMI

Today's Surf

1:30am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry

The entry was at the close of the candle at 1.6280 with a stop at the most recent low at 1.6258. Since I was 20 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6300.

Entry: Long at 1.6280 Stop: 1.6258 Target: 1.6300

2:00am EST- My target was hit. Price made a clean break so I moved my stop to 1.6300 and set my next target for 1.6350.

2:15am EST- Unfortunately I got stopped out at my initial target at 1.6300.

Trade Result: +20 pips (NOT INCLUDING SPREAD) R-Multiple: 0.90

News events to watch for tomorrow:

• 8:30am EST- US Non-Farm Employment Change

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