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Main Trend

Current Trend= The trend remained up the entire day.

Today I only looked for long trades

News events to watch for today :

  • 4:30am EDT- UK CPI
  • 8:30am EDT- US PPI
  • 9:00am EDT– US Net Foreign Purchases
  • 9:30am EDT– Bernanke speaks

Today’s Surf

12:15am EDT– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already positive. This cancelled out the signal and I did not enter.

6:15am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 1.5025 with a stop at the most recent swing low at 1.4953. Since I was 25 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5050.

Entry: Long at 1.5025

Stop: 1.4953

Initial Target: 1.5050

8:15am EDT- My target was not hit by this point. Since news was coming out at 8:30am EDT, I closed out my trade. I exited at 1.4995 for a 30 pip loss.

9:45am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 1.5018 with a stop at the most recent swing low at 1.4977. Since I was 32 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5050.

Entry: Long at 1.5018

Stop: 1.4977

Initial Target: 1.5050

10:45am EDT– Unfortunately I was stopped out of my trade.

11:30am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.5042 with a stop at the most recent swing low at 1.4973. Since I was only 8 pips away from the nearest 50 or 00 level (1.5050), I decided to go for the same amount of pips I was risking on the trade, which in this case was 69 pips. This put my initial target at 1.5111

Entry: Long at 1.5042

Stop: 1.4973

Initial Target: 1.5111

12:15pm EDT– Unfortunately I was stopped out of my trade.

entry2

Trade Result: -30 -41 -69= -140 pips (NOT INCLUDING SPREAD) R-Multiple: -0.41; -1.00; -1.00

News events to watch for tomorrow :

  • 4:30am EDT- UK MPC Minutes
  • 8:30am EDT– US Building Permits, CPI
  • 2:00pm EDT– FOMC Minutes

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

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