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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:
- 8:15am EST– US ADP Employment Survey
- 8:30am EST– US Core PCE Price Index
- 9:45am EST– US Chicago PMI
- 10:00am EST– US Pending Home Sales
Today’s Surf
3:15am 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 1.2482 with a stop at the most recent swing low at 1.2465. Since I was 18 pips away from the nearest 50 or 00 level, I put my initial target at 1.2500.
Entry: Long at 1.2482 Stop: 1.2465 Target: 1.2500
3:30am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out right at 1.2500. (+18 pips)
7:45am EST– Didn’t consider this possible signal because it was close to the 8:15am EST news event.
11:00am EST- Didn’t consider this possible signal because it was close to 12 noon EST.
Trade Result: +18 pips R-Multiple: 1.05
News events to watch for Thursday:
- 4:30am EST– UK CIPS Market Manufacturing PMI
- 8:30am EST– US Initial Claims
- 10:00am EST– US ISM Manufacturing
For a complete list of news events check out our Forex Economic Calendar.
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