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Main Trend
Current Trend
The trend was DOWN the until 8am EST. From 4am – 8am EST a new trend change candle formed and changed the trend from down to UP. After 8am EST, the trend remained up the rest of the day.
Today I only looked for short trades until 8am EST. After 8am EST, I only looked for long trades.
News events to watch for today :
- 4:30am EST– UK BOE MPC Minutes; ILO Unemployment Rate; Average Earnings; Claimant Count Change; Claimant Count Rate
- 8:30am EST– US PPI
Today’s Surf
12:30am 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 entry.
The entry was at the close of the candle at 1.5439 with a stop at the most recent swing high at 1.5449. Since I was 39 pips away from the nearest 50 or 00 level I put my initial target at 1.5400.
Entry: Short at 1.5439 Stop: 1.5449 Target: 1.5400
1:45am EST – Unfortunately I was stopped out of my trade. (-10 pips)
2:15am 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 entry.
The entry was at the close of the candle at 1.5441 with a stop at the most recent swing high at 1.5453. Since I was 41 pips away from the nearest 50 or 00 level I put my initial target at 1.5400.
Entry: Short at 1.5441 Stop: 1.5453 Target: 1.5400
4:15am EST – Unfortunately I was stopped out of my trade. (-12 pips)
Trade Result: -10 – 12 = -22 pips R-Multiple: -1.00; -1.00
News events to watch for Thursday:
- 4:30am EST–UK Retail Sales
- 8:30am EST– US CPI; Initial Claims; Empire State Survey
- 9:15am EST- US Capacity Utilization; Industrial Production
- 10:00am EST– US Philly Fed Survey; NAHB Builders Survey
For a complete list of news events check out our Forex Economic Calendar.
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