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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 :

  • 4:00am EST– UK Halifax HPI
  • 4:30am EST– UK Trade Balance
  • 8:30am EST– US Unemployment Claims

Today’s Surf

12:45am 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 1.7261 with a stop at the most recent swing high at 1.7310. Since I was only 11 pips away from the nearest 50 or 00 level (1.7250), I decided to go for the same amount of pips in the trade, which in this case was about 50 pips. This put my initial target at 1.7211.

Entry: Short at 1.7261

Stop: 1.7310

Initial Target: 1.7211

1:00am EST- My target was hit. Price did not make a clean break of my target so I took my final profit. I exited at 1.7222.

6:45am 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 1.7298 with a stop at the most recent swing high at 1.7377. Since I was 48 pips away from the nearest 50 or 00 level, I put my initial target at 1.7250.

Entry: Short at 1.7298

Stop: 1.7377

Initial Target: 1.7250

8:15am EST- My target wasn’t hit by this time. I knew that news was coming out 8:30am EST so I manually closed my trade. I got out at 1.7340.

10:15am 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 1.7277 with a stop at the most recent swing high at 1.7395. Since I was 27 pips away from the nearest 50 or 00 level, I set my initial target at 1.7250.

Entry: Short at 1.7277

Stop: 1.7395

Initial Target: 1.7250

10:30am EST- My target was hit. Price made a clean break so I moved my stop to 1.7250 and set my next target for 1.7200.

11:15am EST- My 2nd target at 1.7200 was hit. This time, price did not make a clean break so I took my final profit. I exited at 1.7203.

entry2

Trade Result: +39 -42 +74= +167 pips (NOT INCLUDING SPREAD) R-Multiple: 0.79; -0.53; 0.62

News events to watch for tomorrow :

  • 8:30am EST– US Trade Balance
  • All Day- G7 Meeting

For a complete list of news events check out our News Section

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