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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 CIPS Services PMI
- 8:15am EST– US ADP Employment Survey
- 10:00am EST– US ISM Non Manufacturing
Today’s Surf
12:45am 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 1.5883 with a stop at the most recent swing high at 1.5892. Since I was 33 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5850.
Entry: Short at 1.5883 Stop: 1.5892 Target: 1.5850
1:15am EST- Unfortunately I was stopped out of my trade. (-9 pips)
2:30am 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 1.5883 with a stop at the most recent swing high at 1.5896. Since I was 33 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5850.
Entry: Short at 1.5883 Stop: 1.5896 Target: 1.5850
3:15am EST- Unfortunately I was stopped out of my trade. (-13 pips). Although this same candle generated another short signal I did not enter because it was the candle that stopped me out of my last trade.
5:00am 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 1.5874 with a stop at the most recent swing high at 1.5908. Since I was 24 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5850.
Entry: Short at 1.5874 Stop: 1.5908 Target: 1.5850
8:00am EST- My target wasn’t hit by this time. Since news was coming out at 8:15am EST, I decided to manually exit my trade. I exited at 1.5862. (+12 pips)
Trade Result: -9 -13 +12= -10 pips R-Multiple: -1.00; -1.00; 0.35
News events to watch for Thursday:
- 4:30am EST– UK Manufacturing Production; Industrial Production
- 7:00am EST– UK BOE MPC Base Rate
- 8:30am EST– US Initial Claims
- 10:00am EST– UK NIESR GDP Est.
For a complete list of news events check out our Forex Economic Calendar.
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