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Main Trend
Current Trend
The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
- 4:30am EST– UK Trade Balance
- 10:00am EST– US Wholesale Inventories
Today’s Surf
12:15am EST– There was a moving average crossover for a long trade. RSI was greater than 50, MACD was negative and gaining value, but stochastics were still negative. This cancelled out the signal and I did not enter.
4:00am EST– Didn’t even consider this possible signal because it was right before the 4:30am ESTnews.
6:30am 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 1.6741 with a stop at the most recent swing low at 1.6723. Since I was only 9 pips away from the nearest 50 or 00 level (1.6750), I decided to go for the same amount of pips I was risking on the trade, which in this case was 18. This put my initial target at 1.6759.
Entry: Long at 1.6741 Stop: 1.6723 Target: 1.6759
8:45am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.6757. (+16 pips)
Trade Result: +16 pips R-Multiple: 0.88
News events to watch for Thursday:
- 7:00am EST– UK BOE MPC Base Rate
- 8:30am EST– US Initial Claims
For a complete list of news events check out our Forex Economic Calendar.
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