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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 Trade Balance
- 5:00am EST– UK BOE Monetary Policy Committee: Ian McCafferty
- 8:30am EST– US Trade Balance
- 10:00am EST– US IBD Consumer Optimism
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 1.6013 with a stop at the most recent swing low at 1.5997. Since I was 37 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6050.
Entry: Long at 1.6013 Stop: 1.5997 Target: 1.6050
4:15am EST– My target wasn’t hit by this time. Since news was coming out at 4:30am EST, I went ahead and closed out my trade. I exited at 1.6019. (+6 pips)
6:15am 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 1.6017 with a stop at the most recent swing low at 1.6004. Since I was 33 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6050.
Entry: Long at 1.6017 Stop: 1.6004 Target: 1.6050
8:15am EST– My target wasn’t hit by this time. Since news was coming out at 8:30am EST, I went ahead and closed out my trade. I exited at 1.6028. (+11 pips)
Trade Result: +6 +11= +17pips R-Multiple: 0.37; 0.84
News events to watch for Wednesday:
- 4:30am EST– UK Claimant Count Change; Claimant Count Rate; ILO Unemployment; Average Earnings
- 10:00am EST– US Wholesale Inventories
For a complete list of news events check out our Forex Economic Calendar.
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