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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 :
- 8:15am EST– US ADP Employment Survey
- 9:45am EST– US Chicago PMI
- 10:00am EST– US Factory Orders
Today’s Surf
1:30am 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 1.6307 with a stop at the most recent high at 1.6317. Since I was only 7 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 10 pips. This put my initial target at 1.6297.
Entry: Short at 1.6307 Stop: 1.6317 Target: 1.6297
2:15am EST– Unfortunately I was stopped out of my trade. (-10 pips)
3:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative from the previous candle. This cancelled out the signal and I did not enter.
4:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative from the previous candle. This cancelled out the signal and I did not enter.
10:30am 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 1.6307 with a stop at the most recent high at 1.6333. Since I was only 7 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 26 pips. This put my initial target at 1.6281.
Entry: Short at 1.6307 Stop: 1.6333 Target: 1.6281
10:45am EST– My target was hit. Price made a clean break so I moved my stop to 1.6281 and set my next target for 1.6250.
11:00am EST– Unfortunately I got stopped out at my original target. (+26 pips)
Trade Result: -10 +26= +16 pips R-Multiple: -1.00; 1.00
News events to watch for Thursday:
- 2:00am EST– UK Nationwide house prices
- 4:30am EST– UK CIPS Manufacturing PMI
- 8:30am EST– US Initial Claims
- 10:00am EST– US ISM Manufacturing
For a complete list of news events check out our Forex Economic Calendar.
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