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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 :
- 8:30am EST– US Initial Claims
Today’s Surf
4:30am 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 signal. I entered at the close of the candle at 1.5511 with a stop at the most recent swing high at 1.5531. Since I was 11 pips away from the nearest 50 or 00 level, I put my initial target at 1.5500.
Entry: Short at 1.5511; Stop: 1.5531; Target: 1.5500
5:00am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.5502. (+9 pips)
8:45am 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 signal. I entered at the close of the candle at 1.5503 with a stop at the most recent swing high at 1.5522. Since I was only 3 pips away from the nearest 50 or 00 level (1.5500), I decided to go for the same amount of pips I was risking on the trade, which in this case was 19. This put my initial target at 1.5484.
Entry: Short at 1.5503; Stop: 1.5522; Target: 1.5484
9:30am EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.5487. (+16 pips)
Trade Result: +9 +16= +25 pips R-Multiple: 0.45; 0.84
News events to watch for Friday:
- 4:30am EST– UK Retail Sales
- 8:30am EST– US Empire State Survey
- 9:00am EST– US Capacity Utilization; Industrial Production
- 9:55am EST– US Univ. Of Mich. Sentiment
For a complete list of news events check out our Forex Economic Calendar.
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