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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 Initial Claims
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 went from positive to negative. This was a valid entry.
The entry was at the close of the candle at 1.4421 with a stop at the most recent swing high at 1.4442. Since I was 21 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4400.
Entry: Short at 1.4421 Stop: 1.4442 Target: 1.4400
2:45am EST– Unfortunately I was stopped out of my trade. (-21 pips)
3:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative. This cancelled out the signal and I did not enter.
4:15am EST- Didn’t consider this possible signal because it was right before the 4:30am EST news.
6:00, 6:30, 9:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative. This cancelled out the signal and I did not enter.
11:00am EST- Didn’t consider this possible signal because it was right before 12 noon EST.
Trade Result: -21 pips R-Multiple: -1.00
News events to watch for Friday:
- 4:30am EST– UK CIPS Market Services PMI
- 8:30am EST– US NFP
- 10:00am EST– US ISM Non Manufacturing
For a complete list of news events check out our Forex Economic Calendar.
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