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Main Trend
Current Trend
The trend was DOWN until 11am EST. From 7am – 11am EST, a new trend change candle formed and changed the trend from down to UP. After 11am EST, the trend remained up the rest of the day.
Today I only looked for short trades until 11am EST. After 11am EST, I only looked for long trades.
News events to watch for today :
- 4:30am EST- UK CIPS Markit Construction PMI
- 10:00am EST– US Factory Orders
Today’s Surf
2:30am 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 1.5017 with a stop at the most recent swing high at 1.5028. Since I was 17 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5000.
Entry: Short at 1.5017 Stop: 1.5028 Target: 1.5000
3:30am EST– Unfortunately I was stopped out of my trade. (-11 pips)
3:45am EST– No entry here because it was right before a news event.
Trade Result: -11 pips R-Multiple: -1.00
News events to watch for Wednesday:
- 4:30am EST– UK CIPS Market Services PMI
- 8:15am EST– US ADP Employment Survey
- 10:00am EST– US ISM Non Manufacturing
For a complete list of news events check out our Forex Economic Calendar.
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