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Main Trend

Current Trend

The trend stayed up until 8am EST. From 4am – 8am EST a new trend change candle formed which changed the trend from up to DOWN. After 8am EST, the trend remained down the rest of the day.

Today I only looked for long trades until 8am EST. After 8am EST, I only looked for short trades.

News events to watch for today :

  • 4:30am EST– UK Jobless Claims Change; Bank of England Minutes
  • 8:30am EST– US Consumer Price Index Core Index s.a.

Today’s Surf

10:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was positive and losing value. This was a valid entry.

The entry was at the close of the candle at 1.6264 with a stop at the most recent high at 1.6313. Since I was 14 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6250.

Entry: Short at 1.6264 Stop: 1.6313 Target: 1.6250

10:15am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.6253.

entry2

Trade Result: +11 pips (NOT INCLUDING SPREAD) R-Multiple: 0.22

News events to watch for tomorrow:

  • 4:30am EST– UK Retail Sales
  • 8:30am EST– US Unemployment Claims
  • 10:00am EST– US Philly Fed Index

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