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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 CPI
- 8:30am EST- US CPI
- 9:15am EST– US Capacity Utilization
Today’s Surf
3:00am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending but MACD was already positive from the previous candle. This cancelled out the signal and I did not enter.
6:30am 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 1.4446 with a stop at the most recent swing low at 1.4402. Since I was only 4 pips away from the nearest 50 or 00 level (1.4450), I decided to go for the same amount of pips I was risking on the trade, which in this case was 44. This put my initial target at 1.4490.
Entry: Long at 1.4446 Stop: 1.4402 Target: 1.4490
7:45am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.4548. (+102 pips)
Trade Result: +102 pips R-Multiple: 2.31
News events to watch for Thursday:
- 4:30am EST– UK Retail Sales
- 8:30am EST– US Philly Fed Survey
For a complete list of news events check out our Forex Economic Calendar.
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