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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 :
- 4:30am EST– UK Retail Sales
- 8:30am EST– US Initial Claims
- 10:00am EST– US Philly Fed Survey
Today’s Surf
1:00am 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 1.5246 with a stop at the most recent swing high at 1.5255. Since I was 46 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5200.
Entry: Short at 1.5246; Stop: 1.5255; Target: 1.5200
2:15am EST- Unfortunately I was stopped out of my trade. (-9 pips)
3:15am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid signal. I entered at the close of the candle at 1.5251 with a stop at the most recent swing high at 1.5266. Since I was only 1 pip away from the nearest 50 or 00 level (1.5250), I decided to go for the same amount of pips I was risking on the trade, which in this case was 15. This put my initial target at 1.5236.
Entry: Short at 1.5251; Stop: 1.5266; Target: 1.5236
4:15am EST- My target was hit. Price made a clean break, but I didn’t want to hold onto the trade since I knew that news was coming out at 4:30am EST. I simply waited to see how many pips I could capture, and then I exited my trade. I got out at 1.5227. (+24 pips)
Trade Result: -9 +24= +15 pips R-Multiple: -1.00; 1.60
News events to watch for Friday:
- None
For a complete list of news events check out our Forex Economic Calendar.
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