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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 Manufacturing Production; Industrial Production
  • 7:00am EST– Bank of England Interest Rate Decision
  • 8:30am EST– US Non-Farm Productivity

Today’s Surf

12:00am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but 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 long trade. RSI was greater than 50, stochastics were trending up, but MACD was already negative. This cancelled out the signal and I did not enter.

6:30am EST- No entry before news

10:30am 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 1.6608 with a stop at the most recent low at 1.6535. Since I was 42 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6650.

Entry: Long at 1.6608 Stop: 1.6535 Target: 1.6650

1:00pm EST– My target was not hit by this time. Since it was late in the day, I went ahead and cut my losses and exited out at 1.6580.

entry2

Trade Result: -28 pips (NOT INCLUDING SPREAD) R-Multiple: -0.38

News events to watch for tomorrow:

  • 4:30am EST- UK PPI Input m/m
  • 8:30am EST- US Non-Farm Employment Change

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