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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 Industrial Production
- 10:00am EST– UK NIESR GDP est.
Today’s Surf
1:00am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value.
The entry was at the close of the candle at 1.4450 with a stop at the most recent swing low at 1.4439. Since I was 50 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4500.
Entry: Long at 1.4450 Stop: 1.4439 Target: 1.4500
3:00am EST– Unfortunately I was stopped out of my trade. (-11 pips)
6:15am 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.
The entry was at the close of the candle at 1.4429 with a stop at the most recent swing low at 1.4394. Since I was 21 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4450.
Entry: Long at 1.4429 Stop: 1.4394 Target: 1.4450
8:15am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.4448. (+19 pips)
Trade Result: -11 +19= +8 pips R-Multiple: -1.00; 0.54
News events to watch for Thursday:
- 7:00am EST– UK BOE Base Rate
- 8:30am EST– US Initial Claims
For a complete list of news events check out our Forex Economic Calendar.
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