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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 CPI y/y
  • 8:30am EST- US PPI m/m
  • 9:00am EST- US TIC Long-Term Purchases
  • 9:15am EST– US Capacity Utilization Rate; Industrial Production m/m

Today’s Surf

1:45am 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 1.6828 with a stop at the most recent low at 1.6796. Since I was 22 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6850.

Entry: Long at 1.6828 Stop: 1.6796 Target: 1.6850

2:15am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.6847.

entry2

Trade Result: +19 pips (NOT INCLUDING SPREAD) R-Multiple: 0.59

News events to watch for tomorrow:

  • 4:30am EST- UK Bank of England Meeting Minutes
  • 6:00am EST- UK CBI Industrial Order Expectations
  • 8:30am EST- US Core CPI m/m

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