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Main Trend
Current Trend
The trend was DOWN until 11am EST. From 7am – 11am EST, a new trend change candle formed and changed the trend from down to UP. After 11am EST, the trend remained UP the rest of the day.
Today I only looked for short trades until 11am EST. After 11am EST, I only looked for long trades.
News events to watch for today :
- 4:30am EST– UK Manufacturing Production
- 10:00am EST– US Wholesale Inventories
Today’s Surf
1:45am 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 1.4183 with a stop at the most recent swing high at 1.4190. Since I was 33 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4150
Entry: Short at 1.4183 Stop: 1.4190 Target: 1.4150
2:00am EST– Unfortunately I was stopped out of my trade. (-7 pips)
7:45am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative from the previous candle. This cancelled out the signal and I did not enter.
Trade Result: -7 pips R-Multiple: -1.00
News events to watch for Thursday:
- 8:30am EST– US Initial Claims
For a complete list of news events check out our Forex Economic Calendar.
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