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Main Trend
Current Trend
The trend stayed down the entire day.
Today I only looked for short trades.
News events to watch for today :
- 4:30am EST– UK Total Trade Balance
- 8:30am EST– US Non-Farm Productivity
Today’s Surf
12:30am EST– There was a moving average crossover for a short trade. RSI was less than 50, but stochastics were trending up and MACD was already negative. This cancelled out the signal and I did not enter.
3:15am 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 1.6476 with a stop at the most recent high at 1.6500. Since I was 26 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6450.
Entry: Short at 1.6476 Stop: 1.6500 Target: 1.6450
3:30pm EST– My target was hit. Price did not make a clean break so I exited my trade. I closed at 1.6455.
9:00am 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 1.6464 with a stop at the most recent high at 1.6515. Since I was only 14 pips away from the nearest 50 or 00 level (1.6450), I decided to go for the same amount of pips I was risking on the trade, which in this case was 51. This put my initial target at 1.6413.
Entry: Short at 1.6464 Stop: 1.6515 Target: 1.6413
2:00pm EST– My target wasn’t by this time and market volume was low. I closed out my trade and exited at 1.6473.
Trade Result: +21 -9= +12 pips (NOT INCLUDING SPREAD) R-Multiple: 0.87; -0.17
News events to watch for tomorrow:
- 4:30am EST– UK Claimant Count Change
- 5:30am EST– UK BOE Inflation Report
- 8:30am EST– US Trade Balance
- 2:15pm EST– US FOMC Statement; Federal Funds Rate
For a complete list of news events check out our Forex Economic Calendar.
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