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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 :

• 6:00am EST- UK CBI Distributive Trades
• 10:00am EST- US New Home Sales

Today's Surf

7:15am 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 1.6167 with a stop at the most recent swing high at 1.6202. Since I was 17 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6150.

Entry: Short at 1.6167 Stop: 1.6202 Target: 1.6150

8:15am EST- My target was hit. Price didn't make a clean break so I took my final profit. I exited at 1.6152. (+15 pips)

10:45am 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 1.6144 with a stop at the most recent swing high at 1.6176. Since I was 44 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6100.

Entry: Short at 1.6144 Stop: 1.6167 Target: 1.6100

11:45am EST- My target wasn't hit by this time. Since it was approaching 12 noon EST, I decided to go ahead and close out my trade. I exited at 1.6140. (+4 pips)

Trade Result: +15 +4= +19 pips R-Multiple: 0.42; 0.17

News events to watch for Thursday:

• 4:30am EST- UK Current Account; GDP
• 8:30am EST- US Initial Claims; Core PCE; GDP; Durable Goods
• 10:00am EST- US Pending Home Sales

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