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Main Trend

Current Trend= The trend remained up until 8am ET. From 4am – 8am ET, a new trend change candle formed and changed the trend from up to DOWN. After 8am ET, the trend remained down the rest of the day.

Today I looked for long trades until 8am ET. After 8am ET, I only looked for short trades.

Today’s Surf

10:30am ET– 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 2.0325 with a stop at the most recent swing low at 2.0380. Since I was 25 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0300.

Entry: Short at 2.0325
Stop: 2.0380
Initial Target: 2.0300

3:30pm ET– My target was not hit by this time. I normally like to wait until 4pm ET to close my trades, but this one didn’t look like it was going anywhere. I managed to exit at 2.0318.

Trade Result: +7 pips; R-Multiple: 0.13

Tomorrow’s news events to watch out for:

  • 4:30am ET– UK MPC Minutes, UK Average Earnings
  • 8:30am ET– US Core CPI

For the rest of tomorrow’s news lineup, check out our Forex Calendar

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