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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 :

  • 8:30 am EDT- US Trade Balance

Main Trend

Today’s Surf

1:45 am EDT– There was a moving average crossover for a short trade. RSI was less than 50, MACD was positive and losing value, but stochastics were still trending up. This canceled out the signal and I did not enter.

7:00 am EDT- 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 1.4859 with a stop at the most recent swing high at 1.4966. Since I was only 9 pips away from the nearest 50 or 00 level (1.4850), I decided to go for the same amount of pips I was risking on the trade, which in this case was 107. This put my initial target at 1.4752.

Entry: Short at 1.4859
Stop: 1.4966
Initial Target: 1.4752

8:15 am EDT- My target was not hit by this point. Since the news was coming out at 8:30 am EDT, I closed out my trade. I exited at 1.4839 for a 20 pip gain.

entry2

Trade Result: +20 pips (NOT INCLUDING SPREAD) R-Multiple: 0.18

News events to watch for tomorrow :

  • 8:30 am EDT- US Retail Sales
  • 10:00 am EDT– Consumer Sentiment