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Main Trend

Current Trend

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

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

News events to watch for today :

  • 10:00am EST– US New Home Sales

Today’s Surf

3:30am 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 1.6446 with a stop at the most recent high at 1.6520. Since I was 46 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6400.

Entry: Short at 1.6446 Stop: 1.6520 Target: 1.6400

9:45am EST– My target wasn’t hit by this time and I knew that news was coming out at 10:00am EST. I manually exited my trade for a loss at 1.6490.

11:15am 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 1.6493 with a stop at the most recent low at 1.6456. Since I was only 7 pips away from the nearest 50 or 00 level (1.6500), I decided to go for the same amount of pips I was risking on the trade, which in this case was 37. This put my initial target at 1.6530.

Entry: Long at 1.6493 Stop: 1.6456 Target: 1.6530

2:00pm EST– My target wasn’t hit by this time and I had to go so I manually exited my trade at 1.6490.

entry2

Trade Result: -44 -3= -44 pips (NOT INCLUDING SPREAD) R-Multiple: -0.59; -0.08

News events to watch for tomorrow:

  • 6:00am EST– UK CBI Realized Sales
  • 10:00am EST– US Consumer Confidence

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