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 EST– UK Retail Sales
- 8:30 am EST– US GDP; Unemployment Report
Main Trend
Today’s Surf
2:45 am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending up but MACD was already negative which canceled out the signal. No entry!
5:15 am EST– There was a potential signal here but because it was right before the news, I did not enter.
9:45 am EST– 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 1.4541 with a stop at the most recent high at 1.4633. Since I was 41 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4500.
Entry: Short at 1.4541
Stop: 1.4633
Target: 1.4500
10:00 am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.4505.
Trade Result: +36 pips (NOT INCLUDING SPREAD) R-Multiple: 0.39
News events to watch for tomorrow :
- 5:30 am EST– UK Current Account
- 8:30 am EST- US Core PCE Price Index m/m
- 9:55 am EST– US Revised UoM Consumer Sentiment
