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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 :

  • 10:00am EST– US Existing Home Sales

Today’s Surf

12:30am 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.

2:45am 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 1.5980 with a stop at the most recent low at 1.5924. Since I was 20 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6000.

Entry: Long at 1.5980 Stop: 1.5924 Target: 1.6000

3:30am EST– My target was hit. Price did not make a clean break so I took my final profit. I managed to exit at 1.5995.

8:45am 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 1.6017 with a stop at the most recent low at 1.5947. Since I was 33 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6050.

Entry: Long at 1.6017 Stop: 1.5947 Target: 1.6050

9:45am EST– My target wasn’t hit by this time. News was coming out at 10:00am EST, so I went ahead and closed my trade at 1.6024.

10:45am 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 1.6032 with a stop at the most recent low at 1.5983. Since I was 18 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6050.

Entry: Long at 1.6032 Stop: 1.5983 Target: 1.6050

11:30am EST– My target was hit! Price made a clean break so I moved my stop to 1.6050 and set my next target for 1.6100.

11:45am EST- Unfortunately I got stopped out at 1.6050.

entry2

Trade Result: +15 +7 +18= +40 pips (NOT INCLUDING SPREAD) R-Multiple: 0.26; 0.10; 0.36

News events to watch for tomorrow:

  • 6:00am EST– UK CBI Realized Sales
  • 8:30am EST– US Core Durable Goods Orders m/m; Unemployment Claims
  • 10:00am EST– US New Home Sales

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