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Main Trend
Current Trend
The trend was down until 7am EST. From 3am – 7am EST, a new trend change candle formed and changed the trend from down to UP. After 7am EST, the trend remained up the rest of the day.
Today I only looked for short trades until 7am EST. After 7am EST, I only looked for long trades.
News events to watch for today :
- 4:30am EST– UK Retail Sales (ex auto fuel)
- 8:30am EST– US Initial Claims
- 10:00am EST– US Philly Fed Index
Today’s Surf
12:15am 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 1.5904 with a stop at the most recent swing high at 1.5922. Since I was only 4 pips away from the nearest 50 or 00 level (1.5900), I decided to go for the same amount of pips I was risking on the trade, which in this case was 18 pips. This put my initial target at 1.5886.
Entry: Short at 1.5904 Stop: 1.5922 Target: 1.5886
12:45am EST- Unfortunately I was stopped out of my trade. (-18 pips)
3:00am 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 1.5907 with a stop at the most recent swing high at 1.5946. Since I was only 7 pips away from the nearest 50 or 00 level (1.5900), I decided to go for the same amount of pips I was risking on the trade, which in this case was 39 pips. This put my initial target at 1.5868.
Entry: Short at 1.5907 Stop: 1.5946 Target: 1.5868
4:00am EST- Unfortunately I was stopped out of my trade. (-39 pips)
11:30am EST- There was a valid signal here for a long trade but since it was right before 12 noon EST, I did not enter.
Trade Result: -18 -39 = -57 pips R-Multiple: -1.00; -1.00
News events to watch for Friday:
- None
For a complete list of news events check out our Forex Economic Calendar.
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