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Main Trend
Current Trend
The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
- 8:30am EST– US Durable Goods
- 9:00am EST- US FHFA House Price Index
- 10:00am EST– US New Home Sales
Today’s Surf
2:15am 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 1.5772 with a stop at the most recent swing high at 1.5787. Since I was 22 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5750.
Entry: Short at 1.5772 Stop: 1.5787 Target: 1.5750
2:30am EST– Unfortunately I was stopped out of my trade. (-15 pips)
4:00am 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 1.5764 with a stop at the most recent swing high at 1.5812. Since I was 14 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5750.
Entry: Short at 1.5764 Stop: 1.5812 Target: 1.5750
8:15am EST– Unfortunately my target wasn’t hit. Since news was coming out at 8:30am EST, I decided to exit my trade. I got out at 1.5760. (+4 pips)
Trade Result: -15 +4= -11 pips R-Multiple: -1.00; 0.08
News events to watch for Wednesday:
- 4:30am EST– UK BBA Mortgage Approvals
- 8:30am EST– US GDP
For a complete list of news events check out our Forex Economic Calendar.
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