Current Trend= The trend remained down until 11am EDT. From 7am – 11am EDT, a new trend change candle formed and changed the trend from down to UP. After 11am EDT, the trend remained up the rest of the day.
Today I only looked for short trades until 11am EDT. After 11am EDT, I only looked for long trades.
Main Trend
News events to watch for today :
- 10:00am EDT– US Pending Home Sales
Today’s Surf
12:15am EDT– 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 1.4222 with a stop at the most recent high at 1.4268. Since I was 22 pips away from the nearest 50 or 00 level, I decided to put my target at 1.4200.
Entry: Short at 1.4222
Stop: 1.4268
Target: 1.4200
12:30pm EDT- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.4204.
4:30am EDT– 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 1.4219 with a stop at the most recent high at 1.4270. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my target at 1.4200.
Entry: Short at 1.4219
Stop: 1.4270
Target: 1.4200
12:30pm EDT- My target was hit. Price made a clean break so I trailed my stop to 1.4200 and set my next target for 1.4150.
5:45am EDT- Unfortunately, I was stopped out at 1.4200.
8:15am EDT– 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 1.4194 with a stop at the most recent high at 1.4276. Since I was 44 pips away from the nearest 50 or 00 level, I decided to put my target at 1.4150.
Entry: Short at 1.4194
Stop: 1.4276
Target: 1.4150
9:15pm EDT- Unfortunately I was stopped out of my trade.
Trade Result: +18 +19 -82= -45 pips (NOT INCLUDING SPREAD) R-Multiple: 0.39; 0.37; -1.00
News events to watch for tomorrow :
- 4:30am EDT– UK Services PMI
- 8:15am EDT– US ADP Non-Farm Employment Change
- 10:00am EDT– US ISM Non-Manufacturing PMI
