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Main Trend
Current Trend
The trend was down the entire day.
Today I only looked for short trades.
News events to watch for today :
- 4:30am EST– UK Trade Balance ; Visible Trade Balance; CPI
- 10:00am EST– US IBD Consumer Optimism
Today’s Surf
12:45am 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 1.5889 with a stop at the most recent swing high at 1.5914. Since I was 39 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5850.
Entry: Short at 1.5889 Stop: 1.5914 Target: 1.5850
1:30am EST- Unfortunately I was stopped out of my trade. (-25 pips)
1:45am 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 1.5886 with a stop at the most recent swing high at 1.5916. Since I was 36 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5850.
Entry: Short at 1.5886 Stop: 1.5916 Target: 1.5850
4:00am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.5855. (+31 pips)
8:15am 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 1.5834 with a stop at the most recent swing high at 1.5858. Since I was 34 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5800.
Entry: Short at 1.5834 Stop: 1.5858 Target: 1.5800
8:45am EST- Unfortunately I was stopped out of my trade (-24 pips)
9:15am 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 1.5834 with a stop at the most recent swing high at 1.5860. Since I was 34 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5800.
Entry: Short at 1.5834 Stop: 1.5860 Target: 1.5800
9:45am EST- My target was hit. Price didn’t make a clean break so I took my final profit. Also because it was right before a news event I already had the mindset of closing out my trade regardless. With that in mind I tried to grab as many pips as possible and exited at 1.5798 (+36 pips)
Trade Result: -25 +31 -24 +36= +18 Pips (Not including spread) R-Multiple: -1.00
News events to watch for Wednesday:
- 4:30am EST– UK Average Earnings ; Claimant Count ; ILO Unemployment Rate
For a complete list of news events check out our Forex Economic Calendar.
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