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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 Services PMI
- 10:00am EST– US IBD Consumer Optimism
Today’s Surf
12:30am 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 1.3244 with a stop at the most recent swing high at 1.3258. Since I was 44 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3200.
Entry: Short at 1.3244 Stop: 1.3258 Target: 1.3200
2:45am EST– My target was hit. Price made a clean break so I moved my stop to 1.3200 and set my next target for 1.3150.
3:15am EST– Unfortunately I was stopped out at my original target at 1.3200. (+44 pips)
7:15am 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 1.3146 with a stop at the most recent swing high at 1.3191. Since I was 46 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3100.
Entry: Short at 1.3146 Stop: 1.3191 Target: 1.3100
8:00am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.3102. (+44 pips)
Trade Result: +44 +44= +88 pips R-Multiple: 3.14; 0.97
News events to watch for Wednesday:
- 8:30am EST– US Trade Balance
- 10:00am EST– US ISM Non Manufacturing
For a complete list of news events check out our Forex Economic Calendar.
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