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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 Initial Claims
Today’s Surf
2:45am 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.
The entry was at the close of the candle at 1.4116 with a stop at the most recent swing high at 1.4156. Since I was 16 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4100.
Entry: Short at 1.4116 Stop: 1.4156 Target: 1.4100
3:00am EST– My target was hit. Price made a clean break so I moved my stop to 1.4100 and set my next target for 1.4050.
3:30am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.4053. (+63 pips)
9:15am 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.
The entry was at the close of the candle at 1.4073 with a stop at the most recent swing high at 1.4095. Since I was 23 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4053.
Entry: Short at 1.4073 Stop: 1.4095 Target: 1.4053
9:30am EST– Unfortunately I was stopped out of my trade. (-22 pips)
Trade Result: +63 -22= +41 pips R-Multiple: 1.57; -1.00
News events to watch for Friday:
- 4:30am EST– UK Manufacturing Production
- 10:00am EST– UK NIESR GDP Est.
For a complete list of news events check out our Forex Economic Calendar.
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