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Main Trend

Current Trend= The trend remained down the entire day.

Today I only looked for short trades.

News events to watch for today :

  • 5:30am EDT- UK Manufacturing Production m/m
  • 8:30am EDT- US Bernanke Speaks

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 went from positive to negative. This was a valid entry. The entry was at the close of the candle at 1.3809 with a stop at the most recent high at 1.3849. Since I was only 9 pips away from the nearest 50 or 00 level (1.3800), I decided to go for the same amount of pips I was risking on the trade, which in this case was 40. This put my initial target at 1.3769.

Entry: Short at 1.3809

Stop: 1.3849

Target: 1.3769

12:45am EDT– My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.3775.

7:00am 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 1.3820 with a stop at the most recent high at 1.3883. Since I was 20 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3800.

Entry: Short at 1.3820

Stop: 1.3883

Target: 1.3800

8:15am EDT– Unfortunately I was stopped out.

entry2

Trade Result: +34 -63= -29 pips (NOT INCLUDING SPREAD) R-Multiple: 0.85; -1.00

News events to watch for tomorrow :

  • 5:30am EDT- US Trade Balance

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

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