Current Trend
The trend stayed down until 4 am EST. From 12 am – 4 am EST a new trend change candle formed and changed the trend from down to UP. After 4 am EST, the trend remained up the rest of the day.
Main Trend
Today I only looked for short trades until 4 am EST. After 4 am EST, I only looked for long trades.
News events to watch for today :
- 4:30 am EST– DCLG UK House Prices
Today’s Surf
7:00 am 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 1.6141 with a stop at the most recent low at 1.6077. Since I was only 9 pips away from the nearest 50 or 00 level (1.6150) I decided to go for the same amount of pips I was risking on the trade, which in this case was 64. This put my initial target at 1.6205.
Entry: Long at 1.6141 Stop: 1.6077 Target: 1.6205
8:45 am EST– My target was hit. Price made a clean break so I moved my stop to 1.6205 and set my next target for 1.6250.
9:00 am EST- Unfortunately, I got stopped out at my initial target at 1.6250.
Trade Result: +64 pips (NOT INCLUDING SPREAD) R-Multiple: 1.00
News events to watch for tomorrow:
- 4:30 am EST– UK Manufacturing Production m/m
- 8:30 am EST– US Trade Balance
- 2:00 pm EST– US Beige Book
