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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 BOE FPC Minutes Released
- 10:00am EST– US Wholesale Inventories
Today’s Surf
8:00am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry.
The entry was at the close of the candle at 1.3160 with a stop at the most recent swing low at 1.3118. Since I was 40 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3200.
Entry: Long at 1.3160 Stop: 1.3118 Target: 1.3200
9:45am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 10:00am EST, I decided to manually exit my trade. I got out at 1.3170 (+10 pips)
Trade Result: +10 pips R-Multiple: 0.23
News events to watch for Wednesday:
- None
For a complete list of news events check out our Forex Economic Calendar.
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