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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:
- 4:30am EST– UK CIPS Market Manufacturing PMI
- 8:30am EST– US Personal Spending
- 10:00am EST– US ISM Manufacturing
Today’s Surf
1:30am 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 1.2365 with a stop at the most recent swing high at 1.2378. Since I was 15 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.2350.
Entry: Short at 1.2365 Stop: 1.2378 Target: 1.2350
2:00am EST– My target was hit. Price did not make a clean break so I took my final profit. I got out at 1.2352. (+13 pips)
5:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.
The entry was at the close of the candle at 1.2367 with a stop at the most recent swing high at 1.2387. Since I was 17 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.2350.
Entry: Short at 1.2367 Stop: 1.2387 Target: 1.2350
6:15am EST– My target was hit. Price made a clean break so I moved my stop to 1.2350 and set my next target for 1.2300.
7:00am EST– My 2nd target was hit. This time price did not make a clean break so I took my final profit. I got out at 1.2302. (+65 pips)
Trade Result: +13 +65= +78 pips R-Multiple: 1.00; 3.25
News events to watch for Thursday:
- 4:30am EST– UK CIPS Market Construction PMI
- 8:30am EST– US Initial Claims
For a complete list of news events check out our Forex Economic Calendar.
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