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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 :
- 8:30am EST– US Initial Claims
Today’s Surf
2:30am 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 1.5767 with a stop at the most recent swing high at 1.5778. Since I was 17 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5750.
Entry: Short at 1.5767 Stop: 1.5778 Target: 1.5750
3:00am EST– Unfortunately I was stopped out of my trade. (-11 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 1.5756 with a stop at the most recent swing high at 1.5780. Since I was only 6 pips away from the nearest 50 or 00 level (1.5750), I decided to go for the same amount of pips I was risking on the trade, which in this case was 24. This put my initial target at 1.5732.
Entry: Short at 1.5756 Stop: 1.5780 Target: 1.5732
8:15am EST– My target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to manually exit my trade. I got out at 1.5740. (+16 pips)
Trade Result: -11 +16= +5 pips R-Multiple: -1.00; 0.66
News events to watch for Friday:
- 8:30am EST– US Retail Sales
- 9:55am EST– US Univ. Of Mich. Sentiment
- 10:00am EST– US Business Inventories
For a complete list of news events check out our Forex Economic Calendar.
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