Main Trend
Current Trend= The trend remained down the entire day.
Today I only looked for short trades
News events to watch for today :
- 10:00am EST- US ISM Index
Today’s Surf
1:45am 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 1.7895 with a stop at the most recent swing high at 1.7936. Since I was 45 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.7850.
Entry: Short at 1.7895
Stop: 1.7936
Initial Target: 1.7850
4:15am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.7853
8:45am 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 1.7789 with a stop at the most recent swing high at 1.7856. Since I was 39 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.7750.
Entry: Short at 1.7789
Stop: 1.7856
Initial Target: 1.7750
9:45am EST- My target was not hit by this time. Since news was coming out at 10:00am EST, I went ahead and cut my losses and exited my trade. I got out at 1.7827.
Trade Result: +42 -38= +4 pips(NOT INCLUDING SPREAD) R-Multiple: 1.02; -0.56
News events to watch for tomorrow :
- 4:30am EST– UK Services PMI
- 10:00am EST– US Factory Orders
