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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
- 8:30am EST– US Initial Claims
- 10:00am EST- US ISM Non-Manufacturing
Today’s Surf
2:30am 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 1.6177 with a stop at the most recent swing high at 1.6194. Since I was 27 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6150.
Entry: Short at 1.6177 Stop: 1.6194 Target: 1.6150
4:15am EST– My 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 1.6163. (+14 pips)
7:15am 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 1.6176 with a stop at the most recent swing high at 1.6188. Since I was 26 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6150.
Entry: Short at 1.6176 Stop: 1.6188 Target: 1.6150
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 1.6173. (+3 pips)
Trade Result: +14 +3= +17 pips R-Multiple: 0.82; 0.25
News events to watch for Friday:
- 8:30am EST– US NFP; Unemployment; Private Payrolls
For a complete list of news events check out our Forex Economic Calendar.
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