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Main Trend

Current Trend

The trend stayed down the entire day.

Today I only looked for short trades.

News events to watch for today :

• 4:30am EST- UK Purchasing Manager Index Construction
• 10:00am EST- US Factory Orders

Today's Surf

1:45am 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 1.6362 with a stop at the most recent high at 1.6398. Since I was only 12 pips away from the nearest 50 or 00 level (1.6350), I decided to go for the same amount of pips I was risking on the trade, which in this case was 36. This put my initial target at 1.6326.

Entry: Short at 1.6362 Stop: 1.6398 Target: 1.6326

2:45am EST- My target was hit. Price made a clean break so I moved my stop to 1.6326 and set my next target for 1.6300. During this same candle, my 2nd target at 1.6300 was hit. Price did not make a clean break of this target so I took my final profit. I exited at 1.6305.

9:15am EST- There was a valid signal here but because it was close to a news report, I did not enter.

Trade Result: +57 pips (NOT INCLUDING SPREAD) R-Multiple: 1.58

News events to watch for tomorrow:

• 4:30am EST- UK Purchasing Manager Index Services
• 8:15am EST- US ADP Non-Farm Employment Change
• 10:00am EST- US ISM Non-Manufacutring Composite

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