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Main Trend

Trend

Current Trend

The trend was UP the entire day.

Today I only looked for long trades.

News events to watch for today :

Today’s Surf

1:45am 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 1.6566 with a stop at the most recent swing low at 1.6557. Since I was 34 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6600.

Entry: Long at 1.6566 Stop: 1.6557 Target: 1.6600

3:15am EST– My target was hit. Price made a clean break so I moved my stop to 1.6600 and set my next target for 1.6650.

3:30am EST– Unfortunately I got stopped out of my initial target at 1.6600. (+34 pips)

Entry

Trade Result: +34 pips R-Multiple: 3.77

News events to watch for Friday:

  • 4:30am EST– UK BBA Mortgage Approvals

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