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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.
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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