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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 Claimant Count Rate
- 8:30am EST– US PPI
- 9:15am EST– US Industrial Production
Today’s Surf
12:30am 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 1.5645 with a stop at the most recent swing low at 1.5637. Since I was only 5 pips away from the nearest 50 or 00 level (1.5650), I decided to go for the same amount of pips I was risking on the trade, which in this case was 8. This put my initial target at 1.5653.
Entry: Long at 1.5645 Stop: 1.5637 Target: 1.5653
2:15am EST– My target was hit. Price made a clean break so I moved my stop to 1.5653 and set my next target for 1.5700.
2:30am EST– Unfortunately I got stopped out at my original target at 1.5653. (+8 pips)
11:00am EST– Didn’t want to enter right before 12 noon EST.
Trade Result: +8 pips R-Multiple: 1.00
News events to watch for Thursday:
- 8:30am EST– US Initial Claims
- 10:00am EST– US Philly Fed Survey
For a complete list of news events check out our Forex Economic Calendar.
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