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Main Trend
Current Trend
The trend was down until 7am EST. From 3am – 7am EST, a new trend change candle formed and changed the trend from down to UP. After 7am EST, the trend remained up the rest of the day.
Today I only looked for short trades until 7am EST. After 7am EST, I only looked for long trades.
News events to watch for today :
- 4:30am EST– UK CPI
- 8:30am EST– US Housing Starts
Today’s Surf
3:00am 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 1.5640 with a stop at the most recent swing high at 1.5670. Since I was 40 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5600.
Entry: Short at 1.5640 Stop: 1.5670 Target: 1.5600
4:00am EST– Unfortunately I was stopped out of my trade. (-30 pips)
Trade Result: -30 pips R-Multiple: -1.00
News events to watch for Wednesday:
- 4:30am EST– UK Average Earnings
- 8:30am EST– US Current Account; CPI
For a complete list of news events check out our Forex Economic Calendar.
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