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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 GDP; Core PCE Price Index; Initial Claims
Today’s Surf
12:45am 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 entry.
The entry was at the close of the candle at 1.5531 with a stop at the most recent swing high at 1.5547. Since I was 31 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5500.
Entry: Short at 1.5531 Stop: 1.5547 Target: 1.5500
2:45am EST – My target as hit. Price didn’t make a clean break so I took my final profit. I exited at 1.5504. (+27 pips)
8:30am EST– Didn’t even consider this possible signal because it was a news candle.
10:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, MACD was positive and losing value, but stochastics were still trending up. This cancelled out the signal and I did not enter.
Trade Result: +27 pips R-Multiple: 1.68
News events to watch for Friday:
- 4:30am EST– UK BOE Mortgage Approvals; Net Consumer Credit
- 8:30am EST– US Core PCE Price Index; Personal Spending; Personal Income
- 9:45am EST– US Chicago PMI
- 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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