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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 Trade Balance
  • 10:00am EST- US Wholesale Inventories m/m
  • 10:30am EST- US Crude Oil Inventories

Today’s Surf

1:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.

The entry was at the close of the candle at 1.6219 with a stop at the most recent high at 1.6274. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6200.

Entry: Short at 1.6219 Stop: 1.6274 Target: 1.6200

1:15am EST- My target was hit. Price made did not make a clean break so I took my final profit. I exited at 1.6205.

8:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, but MACD was already negative from the previous candle. This cancelled out the signal and I did not enter.

entry2

Trade Result: +14 Pips (NOT INCLUDING SPREAD) R-Multiple: 0.25

News events to watch for tomorrow:

  • 7:00am EST- UK Official Bank Rate
  • 8:30am EST– US Trade Balance; Unemployment Claims

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