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Main Trend
Current Trend
The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
- 8:30am EST– US Initial Claims
- 10:00am EST– US Philly Fed Survey
Today’s Surf
3:00am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry.
The entry was at the close of the candle at 1.4852 with a stop at the most recent swing low at 1.4811. Since I was 48 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4900.
Entry: Long at 1.4852 Stop: 1.4811 Target: 1.4900
4:00am EST– Unfortunately I was stopped out of my trade. (-41 pips)
5:15am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry.
The entry was at the close of the candle at 1.4844 with a stop at the most recent swing low at 1.4811. Since I was only 6 pips away from the nearest 50 or 00 level, I decided to go for the same amount of pips I was risking on the trade, which in this case was 33. This put my initial target at 1.4877.
Entry: Long at 1.4844 Stop: 1.4811 Target: 1.4877
6:00am EST– My target was hit. Price made a clean break so I moved my stop to 1.4877 and set my next target at 1.4900.
6:15am EST– My target was hit. Price made a clean break so I moved my stop to 1.4900 and set my next target at 1.4950.
8:00am EST– Unfortunately I got stopped out at 1.4900. (+56 pips)
Trade Result: -41 +56= +15 pips R-Multiple: -1.00; 1.69
News events to watch for Friday:
- 4:30am EST– UK ILO Unemployment Rate
- 8:30am EST– US CPI
- 10:00am EST– US Univ. Of Mich Sentiment
For a complete list of news events check out our Forex Economic Calendar.
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