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Main Trend

Current Trend= The trend remained down until 7am EDT. From 3am – 7am EDT, a new trend change candle formed and changed the trend from down to UP. After 7am EDT, the trend remained up the rest of the day.

Today I looked for short trades until 7am EDT. After 7am EDT, I only looked for long trades.

Today’s Surf

8:30am EDT– There was a valid signal here but because it occurred on a news candle I did not enter.

11:30am EDT– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 2.0466 with a stop at the most recent swing low at 2.0444. Since I was 34 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0500.

Entry: Long at 2.0466
Stop: 2.0444
Initial Target: 2.0500

12:00pm EDT– My target was hit. Price did not make a clean break so I took my final profit. I managed to get out at 2.0495.

Trade Result: +29 pips; R-Multiple: 1.32

News events to watch for tomorrow :
  • 6:00am EDT– CBI Industrial Trends Orders
  • 8:30am EDTRetail Sales; PPI

For a list of all of tomorrow’s news events, check out our Forex Calendar

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