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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:
- 7:00am EST– UK BOE MPC Base Rate
- 8:30am EST– US PPI
Today’s Surf
6:15am EST– Didn’t consider this signal because it was right before the 7:00am EST news event.
10:45am 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 1.3321 with a stop at the most recent swing low at 1.3277. Since I was 29 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3350.
Entry: Long at 1.3321 Stop: 1.3277 Target: 1.3350
11:30am EST– My target was hit. Since it was close to 12 noon EST, I decided to just capture as many pips as possible and exit my trade. I got out at 1.3358. (+37 pips)
Trade Result: +37 pips R-Multiple: 0.84
News events to watch for Friday:
- 8:30am EST– US Retail Sales
- 9:15am EST– US Capacity Utilization
- 10:00am EST- US Univ. Of Mich. Sentiment
For a complete list of news events check out our Forex Economic Calendar.
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