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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 CIPS Market Construction PMI
- 8:15am EST– US ADP Employment Survey
- 8:30am EST– US Trade Balance
- 10:00am EST– US ISM Non Manufacturing
Today’s Surf
2:00am 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 1.4522 with a stop at the most recent swing high at 1.4551. Since I was 22 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4500.
Entry: Short at 1.4522 Stop: 1.4551 Target: 1.4500
2:15am EST– Unfortunately I was stopped out of my trade. (-29 pips)
3:30am 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 1.4531 with a stop at the most recent swing high at 1.4571. Since I was 31 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4500.
Entry: Short at 1.4531 Stop: 1.4571 Target: 1.4500
4:00am EST– My target was hit. Price made a clean break so I moved my stop to 1.4500 and set my next target for 1.4450.
4:15am EST- My 2nd 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 1.4484. (+47 pips)
Trade Result: -29 +47= +18 pips R-Multiple: -1.00; 1.17
News events to watch for Thursday:
- 4:30am EST– UK CIPS Market Services PMI
- 8:30am EST– US Initial Claims
For a complete list of news events check out our Forex Economic Calendar.
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