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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.
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
