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Current Trend= The trend remained down the entire day.

Today I only looked for short trades

News events to watch for today :

  • 4:30 am EST– UK MPC Minutes

Main Trend

Today’s Surf

3:30 am 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 1.6285 with a stop at the most recent swing high at 1.6426. Since I was 35 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6250.

Entry: Short at 1.6285
Stop: 1.6426
Initial Target: 1.6250

4:00 am EST- My target wasn’t quite hit, but it was the 2nd candle in a row my target was narrowly missed. With a long downtrend taking place I felt like my trade might be exhausted and exited. I exited at 1.6260.

7:00 am 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 1.6329 with a stop at the most recent swing high at 1.6449. Since I was 29 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6300.

Entry: Short at 1.6329
Stop: 1.6449
Initial Target: 1.6300

8:00 am EST– My target was hit. Price made a clean break so I trailed my stop to 1.6300 and set my next target for 1.6250.

8:15 am EST– Unfortunately, I was stopped out at 1.6300.

10:30 am 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 1.6362 with a stop at the most recent swing high at 1.6470. Since I was only 12 pips away from the nearest 50 or 00 level (1.6350), I decided to go for the same amount of pips I was risking on the trade, which in this case was 108. This put my initial target at 1.6254.

Entry: Short at 1.6362
Stop: 1.6470
Initial Target: 1.6254

11:15 am EST– My target was hit. Price made a clean break so I trailed my stop to 1.6254 and set my next target for 1.6200.

11:30 am EST- My 2nd target was hit at 1.6200. Price made a clean break so I trailed my stop to 1.6200 and set my next target for 1.6150. During this same candle, my 3rd target at 1.6150 was hit so I trailed my stop to 1.6150 in hopes of getting my next target at 1.6100. Unfortunately, the price continued to retrace up and stopped me out at 1.6150.

entry2

Trade Result: +25 +29 +212= +266 pips (NOT INCLUDING SPREAD) R-Multiple: 0.61; 0.24; 1.96

News events to watch for tomorrow :

  • 4:30 am EST– UK Retail Sales
  • 8:30 am EST– US Unemployment Claims

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