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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 Retail Sales; Initial Claims
- 10:00am EST– US Business Inventories
Today’s Surf
1:00am 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 entry.
The entry was at the close of the candle at 1.5681 with a stop at the most recent swing low at 1.5676. Since I was 19 pips away from the nearest 50 or 00 level I put my initial target at 1.5700.
Entry: Long at 1.5681 Stop: 1.5676 Target: 1.5700
2:15am EST– Unfortunately I got stopped out of my trade. (-5 pips)
6:15am 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 entry.
The entry was at the close of the candle at 1.5665 with a stop at the most recent swing low at 1.5644. Since I was 35 pips away from the nearest 50 or 00 level I put my initial target at 1.5700.
Entry: Long at 1.5665 Stop: 1.5644 Target: 1.5700
8:15am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 8::30am EST, I decided to manually exit my trade. I got out at 1.5679. (+14 pips)
9:15am EST– Didn’t even consider this possible signal because it was close to the 10:00am EST news.
Trade Result: -5 +14= +9 pips R-Multiple: -1.00; 0.66
News events to watch for Friday:
- 8:30am EST– US Current Account; PPI
- 9:15am 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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