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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 CIPS Market Construction PMI
- 10:00am EST– US IBD Consumer Optimism
Today’s Surf
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 1.4392 with a stop at the most recent swing low at 1.4326. Since I was only 8 pips away from the nearest 50 or 00 level (1.4400), I decided to go for the same amount of pips I was risking on the trade, which in this case was 66. This put my initial target at 1.4458.
Entry: Long at 1.4392 Stop: 1.4326 Target: 1.4458
9:45am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 10:00am EST, I decided to manually exit my trade. I got out at 1.4414. (+22 pips)
Trade Result: +22 pips R-Multiple: 0.33
News events to watch for Wednesday:
- 4:30am EST– UK Market Services PMI
- 8:15am EST– US ADP Employment Survey
- 10:00am EST– US ISM Non Manufacturing
For a complete list of news events check out our Forex Economic Calendar.
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