Current Trend= The trend remained down the entire day.
Today I only looked for short trades.
News events to watch for today :
- 5:30 am EDT- UK Manufacturing Production m/m
- 8:30 am EDT- US Bernanke Speaks
Main Trend
Today’s Surf
12:15 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 1.3809 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
12:45 am EDT– My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.3775.
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 1.3820 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
8:15 am EDT– Unfortunately, I was stopped out.
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
