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Main Trend
Current Trend
The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
- 4:30am EST– UK CIPS Construction PMI
- 10:00am EST- US ISM Manufacturing
Today’s Surf
2:30am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry.
The entry was at the close of the candle at 1.5893 with a stop at the most recent swing low at 1.5882. Since I was only 7 pips away from the nearest 50 or 00 level (1.5900), I decided to go for the same amount of pips I was risking on the trade, which in this case was 11. This put my initial target at 1.5904.
Entry: Long at 1.5893 Stop: 1.5882 Target: 1.5904
3:15am EST– My target was hit. Price didn’t make a clean break so I went ahead and took my final profit. I exited at 1.5903. (+10 pips)
10:30am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up but MACD was already positive from the previous candle. This cancelled out the signal and I did not enter.
Trade Result: +10 pips R-Multiple: 0.90
News events to watch for Wednesday:
- 4:30am EST– UK CIPS Services PMI
For a complete list of news events check out our Forex Economic Calendar.
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