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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
- 8:30am EST- US Durable Goods; Initial Claims
Today’s Surf
1:30am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative from the previous candle. This cancelled out the signal and I did not enter.
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 1.6784 with a stop at the most recent swing high at 1.6805. Since I was 34 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6750.
Entry: Short at 1.6784 Stop: 1.6805 Target: 1.6750
5:45am EST– My target wasn’t hit by this time. Since news was coming out at 6:00am EST, I decided to manually exit my trade. I got out at 1.6787 (-3 pips)
6:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative from the previous candle. This cancelled out the signal and I did not enter.
8:15am EST– There was a valid signal here but because it was right before the 8:30am EST news, I did not enter.
Trade Result: -3 pips R-Multiple: -0.11
News events to watch for Friday:
- 4:30am EST- UK Retail Sales
- 9:55am EST– US Univ. Of Mich. Sentiment
For a complete list of news events check out our Forex Economic Calendar.
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