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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 Trade Balance
• 5:00am EST- UK BOE Monetary Policy Committee: Ian McCafferty
• 8:30am EST- US Trade Balance
• 10:00am EST- US IBD Consumer Optimism

Today's Surf

2:30am 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 1.6013 with a stop at the most recent swing low at 1.5997. Since I was 37 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6050.

Entry: Long at 1.6013 Stop: 1.5997 Target: 1.6050

4:15am EST- My target wasn't hit by this time. Since news was coming out at 4:30am EST, I went ahead and closed out my trade. I exited at 1.6019. (+6 pips)

6:15am 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 1.6017 with a stop at the most recent swing low at 1.6004. Since I was 33 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6050.

Entry: Long at 1.6017 Stop: 1.6004 Target: 1.6050

8:15am EST- My target wasn't hit by this time. Since news was coming out at 8:30am EST, I went ahead and closed out my trade. I exited at 1.6028. (+11 pips)

Trade Result: +6 +11= +17pips R-Multiple: 0.37; 0.84

News events to watch for Wednesday:

• 4:30am EST- UK Claimant Count Change; Claimant Count Rate; ILO Unemployment; Average Earnings
• 10:00am EST- US Wholesale Inventories

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