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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 :
- 7:00am EST– UK BOE MPC Interest Rate Announcement
- 8:30am EST- US Trade Balance; Initial Claims
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 1.5920 with a stop at the most recent swing high at 1.5937. Since I was 20 pips away from the nearest 50 or 00 level I put my initial target at 1.5900.
Entry: Short at 1.5920 Stop: 1.5937 Target: 1.5900
1:45am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.5902. (+18 pips)
5:45am 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 1.5919 with a stop at the most recent swing high at 1.5938. Since I was 19 pips away from the nearest 50 or 00 level I put my initial target at 1.5900.
Entry: Short at 1.5919 Stop: 1.5938 Target: 1.5900
6:45am EST- My target wasn’t hit by this time. Since news was coming out at 7am EST, I decided to manually exit my trade. I closed at 1.5903. (+16 pips)
9:45am 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 1.5924 with a stop at the most recent swing high at 1.5984. Since I was 24 pips away from the nearest 50 or 00 level I put my initial target at 1.5900.
Entry: Short at 1.5924 Stop: 1.5984 Target: 1.5900
10:00am EST- My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.5900. (+24 pips)
Trade Result: +18 +16 +24= +58 pips R-Multiple: 1.05; 0.84; 0.40
News events to watch for Friday:
- 9:55am EST- US Univ Of Mich. Sentiment
For a complete list of news events check out our Forex Economic Calendar.
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