Main Trend
Current Trend= The trend remained down the entire day.
Today I only looked for short trades
News events to watch for today :
- 4:30am EST– UK Services PMI
- 10:00am EST– US Factory Orders
- 2:00pm EST– US Beige Book
Today’s Surf
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 1.7747 with a stop at the most recent swing high at 1.7819. Since I was 47 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.7700.
Entry: Short at 1.7747
Stop: 1.7819
Initial Target: 1.7700
1:45am EST- My target wasn’t hit by this time. Since news was coming out at 2:00pm EST, I decided to close out my trade. I exited at 1.7726.
Trade Result: +21 pips(NOT INCLUDING SPREAD) R-Multiple: 0.29
News events to watch for tomorrow :
- 4:00am EST– UK Halifax HPI
- 7:00am EST– UK Bank Rate Statement
- 8:15am EST– US ADP Non farm employment change
- 8:30am EST- US Revised Non Farm Productivity, Unemployment Claims
- 10:00am EST- US ISM Non Manufacturing PMI
