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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:
- 6:00am EST- US NFIB Small Business Optimism Index
- 10:00am EST– US Wholesale Inventories
Today’s Surf
10:30am 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 1.2151 with a stop at the most recent swing high at 1.2177. Since I was only 1 pip away from the nearest 50 or 00 level (1.2150), I decided to go for the same amount of pips I was risking on the trade, which in this case was 26. This put my initial target at 1.2125.
Entry: Short at 1.2151 Stop: 1.2177 Target: 1.2125
10:45am EST– Unfortunately I was stopped out of my trade. (-26 pips)
Trade Result: -26 pips R-Multiple: -1.00
News events to watch for Wednesday:
- 4:30am EST– UK Industrial Production
- 10:00am EST– UK NIESR GDP Est.
For a complete list of news events check out our Forex Economic Calendar.
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