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Main Trend

Current Trend

The trend remained up the entire day.

Today I only looked for long trades.

News events to watch for today :

  • 4:30am EST– UK Revised GDP q/q
  • 2:00pm EST– US Bernanke Speaks

Today’s Surf

2:15am EST– There was a moving average crossover for a long trade. RSI was greater than 50, MACD was negative and gaining value, but stochastics were not trending up. This cancelled out the signal and I did not enter.

5:15am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry.

The entry was at the close of the candle at 1.5848 with a stop at the most recent low at 1.5754. Since I was only 2 pips away from the nearest 50 or 00 level (1.5850) I decided to go for the same amount of pips I was risking on the trade, which in this case was 94. This put my initial target at 1.5942.

Entry: Long at 1.5848 Stop: 1.5754 Target: 1.5942

7:45am EST– My target was hit. Price did not make a clean break so I took my final profit. I managed to exit at 1.5935.

11:00am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry.

The entry was at the close of the candle at 1.5904 with a stop at the most recent low at 1.5853. Since I was only 46 pips away from the nearest 50 or 00 level, I decided to put my target at 1.5950.

Entry: Long at 1.5904 Stop: 1.5853 Target: 1.5950

1:45am EST– My target wasn’t hit by this time. News was coming out at 2pm EST, so I went ahead and closed my trade at 1.5911.

entry2

Trade Result: +87 +7= +94 pips (NOT INCLUDING SPREAD) R-Multiple: 0.92; 0.13

News events to watch for tomorrow:

  • No trading! Memorial Day!

For a complete list of news events check out our Forex Economic Calendar.
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