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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 :
- 5:30am EST– UK Manufacturing Production; Industrial Production
- 10:00am EST– US Wholesale Inventories
- 11:00am EST– UK NIESR GDP Est.
Today’s Surf
12:30am 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 1.6640 with a stop at the most recent swing high at 1.6646. Since I was 40 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6600.
Entry: Short at 1.6640 Stop: 1.6646 Target: 1.6600
2:45am EST– Unfortunately I was stopped out of my trade. (-6 pips)
3:45am 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 1.6634 with a stop at the most recent swing high at 1.6652. Since I was 34 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6600.
Entry: Short at 1.6634 Stop: 1.6652 Target: 1.6600
5;15am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 5:30am EST, I decided to manually exit my trade. I got out at 1.6615. (+19 pips)
Trade Result: -6 +19= +13 pips R-Multiple:-1.00; 1.05
News events to watch for Wednesday:
- None
For a complete list of news events check out our Forex Economic Calendar.
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