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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 Retail Sales m/m
  • 8:30am EST- US Unemployment Claims
  • 10:00am EST– US Philly Fed Manufacturing Index

Today’s Surf

2:30am 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 1.6689 with a stop at the most recent high at 1.6724. Since I was 39 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6650.

Entry: Short at 1.6689 Stop: 1.6724 Target: 1.6650

3:00am EST– My target was hit. Price didn’t really make a clean break so I went ahead and took my final profit. I got out right at 1.6650.\

5:15am EST- There was a moving average crossover for a short trade. RSI was less than 50, MACD was positive and losing value, but stochastics were trending up. This cancelled out the signal and I did not enter.

entry2

Trade Result: +39 pips (NOT INCLUDING SPREAD) R-Multiple: 1.11

News events to watch for tomorrow:

  • None

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