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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 Industrial Production
- 10:00am EST– UK NIESR GDP Est.
Today’s Surf
5:45am 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. This was a valid entry.
The entry was at the close of the candle at 1.4543 with a stop at the most recent swing low at 1.4499. Since I was only 7 pips away from the nearest 50 or 00 level, I decided to go for the same amount of pips I was risking on the trade, which in this case was 44 pips. This put my initial target at 1.4587.
Entry: Long at 1.4543 Stop: 1.4499 Target: 1.4587
7:45am EST– My target was hit. Price made a clean break so I set my target at 1.4587 and set my next target for 1.4600.
8:00am EST– Unfortunately I was stopped out at my initial target at 1.4587. (+44 pips)
Trade Result: +44 pips R-Multiple: 1.00
News events to watch for Thursday:
- 4:30am EST– UK Trade Balance
- 8:30am EST– US Initial Claims
- 10:00am EST– US Wholesale Inventory
For a complete list of news events check out our Forex Economic Calendar.
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