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Main Trend

Current Trend

The trend was down the entire day.

Today I only looked for short trades.

News events to watch for today :

• None

Today's Surf

1:00am 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 1.5369 with a stop at the most recent swing high at 1.5387. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5350.

Entry: Short at 1.5369 Stop: 1.5387 Target: 1.5350

3:00am EST- Unfortunately I was stopped out of my trade. (-18 pips)

4:15am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative.. This was a valid entry.

The entry was at the close of the candle at 1.5358 with a stop at the most recent swing high at 1.5423. Since I was only 8 pips away from the nearest 50 or 00 level (1.5350), I decided to go for the same amount of pips I was risking on the trade, which in this case was 65 pips. This put my initial target at 1.5293.

Entry: Short at 1.5358 Stop: 1.5423 Target: 1.5293

11:45am EST- Unfortunately my target wasn't hit by this time. Since it was approaching noon and the market looked to be bottoming out at 1.5300, I went ahead and manually exited my trade. I closed out at 1.5313. (+45 pips)

Trade Result: -18 +45= +27 Pips R-Multiple: -1.00; 0.69

News events to watch for Wednesday:

• 4:30am EST- UK Manufacturing Production ; Industrial Production
  

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