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Main Trend

Current Trend

The trend stayed up the entire day.

Today I only looked for long trades.

News events to watch for today :

  • 4:30am EST– UK Trade Balance
  • 2:00pm EST– US Beige Book

Today’s Surf

1:30am 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 1.6522 with a stop at the most recent low at 1.6501. Since I was 28 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6550.

Entry: Long at 1.6522 Stop: 1.6501 Target: 1.6550

2:00am EST– My target was hit. Price did not make a clean break so I took my final profit at 1.6545.

5:30am 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 1.6498 with a stop at the most recent low at 1.6454. Since I was only 2 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 44. This put my initial target at 1.6542.

Entry: Long at 1.6498 Stop: 1.6454 Target: 1.6542

8:30am EST– My target was hit. Price did not make a clean break so I took my final profit at 1.6535.

entry2

Trade Result: +23 +37= +60 pips (NOT INCLUDING SPREAD) R-Multiple: 1.09; 0.84

News events to watch for tomorrow:

  • 7:00am EST– UK Official Bank Rate
  • 8:30am EST– US Trade Balance; Unemployment claims

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