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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 :
- 4:30am EST– UK Trade Balance
- 10:00am EST– US Wholesale Inventories
Today’s Surf
1:00am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry.
The entry was at the close of the candle at 1.5356 with a stop at the most recent swing low at 1.5344. Since I was 44 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5400.
Entry: Long at 1.5356 Stop: 1.5344 Target: 1.5400
2:45am EST– Unfortunately I was stopped out of my trade. (-12 pips)
7:15am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up but MACD was already positive from the previous candle. This cancelled out my signal and I did not enter.
9:15am EST- Didn’t consider this possible signal because it was before the 10:00am EST news event.
10:45am 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 1.5314 with a stop at the most recent swing low at 1.5326. Since I was 36 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5350.
Entry: Long at 1.5314 Stop: 1.5326 Target: 1.5350
11:15am EST– My target was hit. Price made a clean break so I moved my stop to 1.5350 and set my next target for 1.5400.
12:00pm EST- Since it was 12 noon EST and my 2nd target was hit, I decided to close out my trade and take my profit. I got out at 1.5381. (+67 pips)
Trade Result: -12 +67= +55 pips R-Multiple: -1.00; 5.58
News events to watch for Wednesday:
- 4:30am EST– UK Manufacturing Production; Industrial Production
- 10:00am EST- UK NIESR GDP
For a complete list of news events check out our Forex Economic Calendar.
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