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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 GDP
- 8:30am EST– US GDP ; Core PCE Price Index
- 10:00am EST– US Existing Home Sales ; FHFA House Price Index
Today’s Surf
12:30am 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 1.5469 with a stop at the most recent swing high at 1.5486. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5450.
Entry: Short at 1.5469 Stop: 1.5486 Target: 1.5450
1:00am EST– Unfortunately I was stopped out of my trade. (-17 pips)
2:45am 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 1.5464 with a stop at the most recent swing high at 1.5493. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5450.
Entry: Short at 1.5464 Stop: 1.5493 Target: 1.5450
4:00am EST– My target was hit. Price made a clean break so I moved my stop to 1.5450 and set my next target for 1.5400.
4:15am EST– My 2nd target wasn’t hit by this time. Since news was coming out at 4:30am EST I decided to close out my trade. I exited at 1.5439. (+25 pips)
6:30am 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 1.5450 with a stop at the most recent swing high at 1.5479. Since I was 50 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5400.
Entry: Short at 1.5450 Stop: 1.5479 Target: 1.5400
8:15am EST– My target wasn’t hit by this time. Since news was coming out at 8:30am EST I decided to close out my trade. I exited at 1.5445. (+5 pips)
Trade Result: -17 +25 +5= +13 pips R-Multiple: -1.00; 0.86; 0.17
News events to watch for Thursday:
- 8:30am EST– US Core PCE Price Index ; Initial Claims ; Durable Goods
- 9:55am EST– US Univ of Mich Sentiment
- 10:00am EST– US New Home Sales
For a complete list of news events check out our Forex Economic Calendar.
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