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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:
- 10:00am EST– US Existing Home Sales
Today’s Surf
12:30am 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 1.2497 with a stop at the most recent swing low at 1.2484. Since I was only 3 pips away from the nearest 50 or 00 level (1.2500), I decided to go for the same amount of pips I was risking on the trade, which in this case was 13 pips. This put my initial target at 1.2510.
Entry: Long at 1.2497 Stop: 1.2484 Target: 1.2510
1:30am EST– Unfortunately I was stopped out of my trade. (-13 pips)
4:15am 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 1.2494 with a stop at the most recent swing low at 1.2463. Since I was only 6 pips away from the nearest 50 or 00 level (1.2500), I decided to go for the same amount of pips I was risking on the trade, which in this case was 31 pips. This put my initial target at 1.2525.
Entry: Long at 1.2494 Stop: 1.2463 Target: 1.2525
5:15am EST– Unfortunately I was stopped out of my trade. (-31 pips)
Trade Result: -13 -31= -44 pips R-Multiple: -1.00; -1.00
News events to watch for Wednesday:
- 8:30am EST– US Durable Goods
- 10:00am EST– US New Home Sales
For a complete list of news events check out our Forex Economic Calendar.
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