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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 :
- 4:30am EST– UK BBA Mortgage Approvals
- 6:00am EST– UK CBI Distributive Trades
- 8:30am EST– US Durable Goods
Today’s Surf
1:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.
The entry was at the close of the candle at 1.5696 with a stop at the most recent swing high at 1.5719. Since I was 46 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5650.
Entry: Short at 1.5696 Stop: 1.5719 Target: 1.5650
4:15am EST– My target wasn’t hit by this time. Since news was coming out at 4:30am EST, I decided to manually exit my trade. I got out at 1.5674. (+22 pips)
Trade Result: +22 pips R-Multiple: 0.95
News events to watch for Thursday:
- 8:30am EST– US GDP
- 10:00am EST– US Pending Home Sales
For a complete list of news events check out our Forex Economic Calendar.
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