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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 Manufacturing PMI
- 10:00am EST– US ISM Manufacturing
Today’s Surf
1:00am 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. This was a valid entry.
The entry was at the close of the candle at 1.4475 with a stop at the most recent swing high at 1.4489. Since I was 25 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4450.
Entry: Short at 1.4475 Stop: 1.4489 Target: 1.4450
1:30am EST– Unfortunately I was stopped out of my trade. (-14 pips)
2:30am 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. This was a valid entry.
The entry was at the close of the candle at 1.4469 with a stop at the most recent swing high at 1.4499. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4450.
Entry: Short at 1.4469 Stop: 1.4499 Target: 1.4450
4:00am EST– Unfortunately I was stopped out of my trade. (-30 pips)
4:15am EST- Didn’t consider this possible signal because it was right before the 4:30am EST news.
Trade Result: -14 -30= -44 pips R-Multiple: -1.00; -1.00
News events to watch for Thursday:
- 4:30am EST– UK CIPS Market Construction PMI
- 8:15am EST– US ADP Employment Survey
- 8:30am EST– US Initial Claims
For a complete list of news events check out our Forex Economic Calendar.
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