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Main Trend
Current Trend= The trend remained down the entire day.
Today I only looked for short trades
News events to watch for today :
- Tentative– UK Halifax HPI
- 4:30am EST– UK Manufacturing Production, Services PMI
- 10:00am EST– US ISM Non Manufacturing Index
- 2:15pm EST- US FOMC Statement
Today’s Surf
1:15am 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 1.9590 with a stop at the most recent swing high at 1.9605. Since I was 40 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9550.
Entry: Short at 1.9590
Stop: 1.9605
Initial Target: 1.9550
3:45am EST- My target was hit. Price didn’t make a clean break so I took my final profit at 1.9552.
5:45am EST- There was a moving average crossover for a short trade but MACD was gaining value so it cancelled out the signal. No entry.
6:30am 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 1.9550 with a stop at the most recent swing high at 1.9580. Since I was 50 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9500.
Entry: Short at 1.9550
Stop: 1.9580
Initial Target: 1.9500
9:45am EST- My target wasn’t hit by this time. I know news is coming out at 10:00am EST, so I decide to cut my loss and exit at 1.9562.
11:00am 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 1.9540 with a stop at the most recent swing high at 1.9568. Since I was 40 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9500.
Entry: Short at 1.9540
Stop: 1.9568
Initial Target: 1.9500
9:45am EST- My target wasn’t hit by this time. I know news is coming out at 10:00am EST, so I decide to take my profit at 1.9526.
Trade Result: +38 -12 +14 =+40 pips (NOT INCLUDING SPREAD!) R-Multiple: 2.53; -0.40; 0.50
News events to watch for tomorrow :
- 4:30am EST– UK Claimant Count Change
- 5:30am EST– BOE Inflation Report
- 8:30am EST- US Retail Sales
For a complete list of news events check out our News Section
