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Main Trend
Current Trend
The trend stayed up until 11:00am EST. From 7am – 11am EST, a new trend change candle formed and changed the trend from up to DOWN. After 11am EST, the trend remained down the rest of the day.
Today I only looked for long trades until 11am EST. After 11am EST, I only looked for short trades.
News events to watch for today :
- 4:30am EST– UK Net Lending to Individuals m/m
- 9:45am EST- US Chicago PMI
Today’s Surf
2:15am 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 1.6564 with a stop at the most recent low at 1.6508. Since I was 36 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6600.
Entry: Long at 1.6564 Stop: 1.6508 Target: 1.6600
3:00am EST- Unfortunately I was stopped out of my trade.
5:00am 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 1.6532 with a stop at the most recent low at 1.6473. Since I was 18 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6550.
Entry: Long at 1.6532 Stop: 1.6473 Target: 1.6550
6:00am EST- Unfortunately I was stopped out of my trade.
Trade Result: -46 -59= -105 pips (NOT INCLUDING SPREAD) R-Multiple: -1.00; -1:00
News events to watch for tomorrow:
- 4:30am EST– UK Manufacturing PMI
- 10:00am EST- US Pending Home Sales m/m
For a complete list of news events check out our Forex Economic Calendar.
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