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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 Initial Claims
Today’s Surf
3:30am 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 1.5348 with a stop at the most recent swing low at 1.5317. Since I was only 2 pips away from the nearest 50 or 00 level (1.5350), I decided to go for the same amount of pips I was risking on the trade, which in this case was 31. This put my initial target at 1.5379.
Entry: Long at 1.5348; Stop: 1.5317; Target: 1.5379
6:00am EST- My target was hit. Price made a clean break so I moved my stop to 1.5379 and set my next target for 1.5400.
7:45am EST- My target was hit. Price made another clean break so I moved my stop to 1.5400 and set my next target for 1.5450.
8:00am EST- Unfortunately I got stopped out at 1.5400. (+52 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 1.5397 with a stop at the most recent swing low at 1.5367. Since I was only 3 pips away from the nearest 50 or 00 level (1.5400), I decided to go for the same amount of pips I was risking on the trade, which in this case was 30. This put my initial target at 1.5427.
Entry: Long at 1.5397; Stop: 1.5367; Target: 1.5427
11:45am EST- My target wasn’t hit by this time. Since it was approaching 12 noon EST, I decided to manually exit my trade. I got out at 1.5403. (+6 pips)
Trade Result: +52 +6= +58 pips R-Multiple: 1.67; 0.20
News events to watch for Friday:
- 8:30am EST– US PPI; Retail Sales
- 9:55am EST- US Univ Of Mich Sentiment
- 10:00am EST- US Business Inventories
For a complete list of news events check out our Forex Economic Calendar.
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