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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 :
- 8:30am EST– US PPI; Initial Claims; Retail Sales
- 10:00am EST– US Business Inventories
Today’s Surf
7:00am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid signal. I entered at the close of the candle at 1.6135 with a stop at the most recent swing low at 1.6108. Since I was 15 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6150.
Entry: Long at 1.6135; Stop: 1.6108; Target: 1.6150
8:155am EST- My target was hit. Price didn’t make a clean break so I took my final profit right at my target. (+15 pips)
10:30am 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 1.6142 with a stop at the most recent swing low at 1.6120. Since I was only 8 pips away from the nearest 50 or 00 level (1.6150), I decided to go for the same amount of pips I was risking on the trade, which in this case was 22. This put my initial target at 1.6164.
Entry: Long at 1.6142; Stop: 1.6120; Target: 1.6164
11:45am EST- My target wasn’t hit by this time. Since it was approaching 12 noon EST, I decided to cut my losses and manually exit my trade. I exited at 1.6130. (-12 pips)
Trade Result: +15 -12= +3 pips R-Multiple: 0.55; -0.54
News events to watch for Friday:
- 8:30am EST–US CPI
- 9:15am EST– US Capacity Utilization; Industrial Production
For a complete list of news events check out our Forex Economic Calendar.
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