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Main Trend
Current Trend
The trend was up until 3am EST. From 11pm – 3am EST a new trend change candle formed and changed the trend from up to DOWN. After 3am EST, the trend remained down the rest of the day.
Today I only looked for long trades until 3am EST. After 3am EST, I only looked for short trades.
News events to watch for today :
- 8:30am EST– US Retail Sales ; Empire State Survey
- 10:00am EST- US Business Inventories
Today’s Surf
6:15am 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 1.6070 with a stop at the most recent swing high at 1.6112. Since I was 20 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6050.
Entry: Short at 1.6070 Stop: 1.6112 Target: 1.6050
6:45am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.6052. (+18 pips)
10:15am 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 1.6078 with a stop at the most recent swing high at 1.6123. Since I was 28 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6050.
Entry: Short at 1.6078 Stop: 1.6123 Target: 1.6050
11:00am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.6053. (+25 pips)
Trade Result: +18 +25 = +43 pips R-Multiple: 0.42; 0.55
News events to watch for Tuesday:
- 4:30am EST– UK CPI
- 8:30am EST– US PPI
- 9:00am EST– US TIC Data
- 9:15am EST– US Industrial Production; Capacity Utilization
- 10:00am EST– US NAHB Builders Survey
For a complete list of news events check out our Forex Economic Calendar.
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