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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 Mortgage Approvals; BOE Net Consumer Credit
- 10:00am EST– US Pending Home Sales
Today’s Surf
1:45am 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 1.5612 with a stop at the most recent swing high at 1.5620. Since I was 12 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5600.
Entry: Short at 1.5612 Stop: 1.5620 Target: 1.5600
2:15am EST– Unfortunately I was stopped out of my trade. (-8 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 1.5610 with a stop at the most recent swing high at 1.5625. Since I was only 10 pips away from the nearest 50 or 00 level (1.5600), I decided to go for the same amount of pips I was risking on the trade, which in this case was 15 pips. This put my initial target at 1.5595.
Entry: Short at 1.5610 Stop: 1.5625 Target: 1.5595
3:00am EST– My target was hit. Price made a clean break so I moved my stop to 1.5595 and set my next target for 1.5550.
4:15am EST– My 2nd target wasn’t hit by this time. Since news was coming out at 4:30am EST, I decided to manually exit my trade. I got out at 1.5572. (+38 pips)
9:00am 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 1.5564 with a stop at the most recent swing high at 1.5614. Since I was 14 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5550.
Entry: Short at 1.5564 Stop: 1.5614 Target: 1.5550
9:45am EST– My target wasn’t hit by this time. Since news was coming out at 10:00am EST, I decided to manually exit my trade. I got out at 1.5552. (+12 pips)
Trade Result: -8 +38 +12= +42 pips R-Multiple: -1.00; 2.53; 0.24
News events to watch for Thursday:
- 8:15am EST– US ADP Employment Survey
- 8:30am EST– US Initial Claims; Core PCE Price Index; GDP Annualized
- 9:45am EST– US Chicago PMI
For a complete list of news events check out our Forex Economic Calendar.
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