Current Trend= The trend remained down the entire day
Today, I only looked for short trades.
News events to watch for today :
- 8:30am EDT- US Building Permits: Unemployment claims
Main Trend
Today’s Surf
1:00am EDT- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, but MACD was already negative. This canceled out the signal and I did not enter.
5:00am 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 1.3851 with a stop at the most recent high at 1.3929. Since I was only 1 pip away from the nearest 50 or 00 level (1.3850), I decided to go for the same amount of pips I was risking on the trade, which in this case was 78. This put my initial target at 1.3773.
Entry: 1.3851
Stop: 1.3929
Target: 1.3773
6:15am EDT- My target was hit. Price did not make a clean break so I took my final profit. I exited at the close of the candle right at 1.3773.
Trade Result: +78pips (NOT INCLUDING SPREAD) R-Multiple: 1.00
News events to watch for tomorrow :
- 4:30am EDT- UK Prelim GDP q/q; UK Retail Sales
