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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
Today’s Surf
1:45am 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 signal. I entered at the close of the candle at 1.6098 with a stop at the most recent swing low at 1.6090. Since I was only 2 pips away from the nearest 50 or 00 level (1.6100), and the fact that I was only risking 8 pips on the trade, I decided to go ahead and go for the next 50 level at 1.6150 since it would give me a nice risk to reward ratio.
Entry: Long at 1.6098; Stop: 1.6090; 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 manually close out my trade. I exited at 1.6120. (+22 pips)
7:30am 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 signal. I entered at the close of the candle at 1.6122 with a stop at the most recent swing low at 1.6105. Since I was 28 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6150.
Entry: Long at 1.6122; Stop: 1.6105; Target: 1.6150
9:30am EST– Unfortunately I was stopped out of my trade. (-17 pips)
Trade Result: +22 -17= +5 pips R-Multiple: 2.75; -1.00
News events to watch for Wednesday:
- 4:30am EST- UK CIPS Services PMI
- 7:30am EST– UK Chancellor Osborne makes autumn statement
- 8:15am EST- US ADP Employment Survey
- 10:00am EST- US ISM Non Manufacturing; Factory Orders
For a complete list of news events check out our Forex Economic Calendar.
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