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Main Trend

Current Trend

The trend was UP the entire day.

Today I only looked for long trades.

News events to watch for today :

• 4:30am EST- UK GDP; BBA Mortgage Approvals; Minutes of prior MPC meeting
• 9:00am EST- US Committee vote on ammendments to Dodd-Frank financial regulation law
• 10:00am EST- US Pending Home Sales; FHFA House Price Index

Today's Surf

3:00am 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 1.5609 with a stop at the most recent swing low at 1.5586. Since I was 41 pips away from the nearest 50 or 00 level I put my initial target at 1.5650.

Entry: Long at 1.5609 Stop: 1.5586 Target: 1.5650

3:30am EST- Unfortunately I got stopped out of my trade. (-23 pips)

5:45am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already positive from the previous candle. This cancelled out the signal and I did not enter.

9:00am EST- I didn't even look at this possible signal because it was news candle. No entry.

Trade Result: -23 pips R-Multiple: -1.00

News events to watch for Thursday:

• 6:00am EST- UK CBI Distributive Trades
• 8:30am EST- US Durable Goods; Initial Claims
• 10:00am EST- US New Home Sales

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