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Main Trend
Current Trend
The trend was DOWN the entire day.
Today I only looked for shor trades.
News events to watch for today :
- 5:30am EST– UK BBA Mortgage Approvals
- 8:30am EST– Durable Goods
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 went from positive to negative. This was a valid entry.
The entry was at the close of the candle at 1.4861 with a stop at the most recent swing high at 1.4877. Since I was 11 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4850.
Entry: Short at 1.4861 Stop: 1.4877 Target: 1.4850
2:45am EST– My target was hit. Price did not make a clean break so I took my final profit. I got out at 1.4851. (+10 pips)
9:45am 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 1.4901 with a stop at the most recent swing high at 1.4953. Since I was only 1 pip away from the nearest 50 or 00 level (1.4900), I decided to go for the same amount of pips I was risking on the trade, which in this case was 52 pips. This put my initial target at 1.4849.
Entry: Short at 1.4901 Stop: 1.4953 Target: 1.4849
11:45am EST– Unfortunately my target wasn’t hit by this time. Since it was 12 noon EST, I decided to close out my trade and cut my losses. I got out at 1.4890. (-11 pips)
Trade Result: +10 – 11= -1 pip R-Multiple: 0.62; -0.21
News events to watch for Thursday:
- 5:30am EST– UK Retail Sales
- 7:00am EST- UK CBI Distributive Trades
- 8:30am EST- US Initial Claims
For a complete list of news events check out our Forex Economic Calendar.
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