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Main Trend
Current Trend
The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
- 8:30am EST– US Empire State Survey
- 10:00am EST– US NAHB Builders Survey
Today’s Surf
1:15am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.6294 with a stop at the most recent low at 1.6277. Since I was only 6 pips away from the nearest 50 or 00 level (1.6300), I decided to go for the same amount of pips I was risking on the trade, which in this case was 17 pips. This put my initial target at 1.6311.
Entry: Long at 1.6294 Stop: 1.6277 Target: 1.6311
2:00am EST– Unfortunately I got stopped out of my trade. (-17 pips)
3:45am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 1.6292 with a stop at the most recent low at 1.6254. Since I was only 8 pips away from the nearest 50 or 00 level (1.6300), I decided to go for the same amount of pips I was risking on the trade, which in this case was 38 pips. This put my initial target at 1.6330.
Entry: Long at 1.6292 Stop: 1.6254 Target: 1.6330
8:15am EST– My target was hit. Since news was coming out at 8:30am EST, I wanted to capture as many pips as possible since I was going to exit anyways so I closed my trade at 1.6333. (+41 pips)
Trade Result: -17 +41= +24 pips R-Multiple: -1.00; 1.07
News events to watch for Tuesday:
- 4:30am EST– UK CPI; DCLG House Prices
- 8:30am EST– US Building permits; Housing Starts
- 9:15am EST– US Capacity Utilization; Industrial Production
For a complete list of news events check out our Forex Economic Calendar.
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