Main Trend
Current Trend= The trend remained down the entire day.
Today I only looked for short trades
News events to watch for today :
- 2:00am EST– UK Nationwide HPI
- 8:30am EST– US Preliminary GDP
Today’s Surf
1:45am EST- There was a valid signal here but because it was close to news I did not enter.
3:30, 6:00am EST- There were moving average crossovers for short trades here but MACD was already negative which cancelled out the signals. No entry!
8:30am EST- There was a valid signal here but it was a news candle so I did not enter.
10:00am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 1.8338 with a stop at the most recent swing high at 1.8393. Since I was 38 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.8300.
Entry: Short at 1.8338
Stop: 1.8393
Initial Target: 1.8300
10:30am EST- My target was hit. Price made a clean break so I moved my stop to 1.8300 and set my next target for 1.8250.
11:00am EST- Unfortunately, I was stopped out at 1.8250.
Trade Result: +38 pips (NOT INCLUDING SPREAD) R-Multiple: 0.69
News events to watch for tomorrow :
- 8:30am EST– US Core PCE Price Index
