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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:
- 8:30am EST– US Initial Claims
Today’s Surf
3:15am 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 1.2712 with a stop at the most recent swing high at 1.2731. Since I was 12 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2700.
Entry: Short at 1.2712 Stop: 1.2731 Target: 1.2700
4:45am EST– Unfortunately I was stopped out of my trade. (-19 pips)
5:45am 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 1.2713 with a stop at the most recent swing high at 1.2736. Since I was 13 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2700.
Entry: Short at 1.2713 Stop: 1.2736 Target: 1.2700
7:00am EST– My target was hit. Price made a clean break so I moved my stop to 1.2700 and set my next target for 1.2650.
8:15am EST– My 2nd target was hit at 1.2650. Since news was coming out at 8:30am EST, I decided to grab as many pips as possible and close out my trade. I got out at 1.2636. (+77 pips)
Trade Result: -19 +77= +58 pips R-Multiple: -1.00; 3.34
News events to watch for Friday:
- 4:30am EST– UK Manufacturing Production
- 8:30am EST– US Non Farm Payrolls
- 10:00am EST– US Wholesale Inventories
For a complete list of news events check out our Forex Economic Calendar.
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