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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:
- 4:30am EST– UK Claimant Count Rate
Today’s Surf
1:45am 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 1.2487 with a stop at the most recent swing low at 1.2478. Since I was 13 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.2500.
Entry: Long at 1.2487 Stop: 1.2478 Target: 1.2500
4:15am EST– My target was hit. Since news was coming out at 4:30am EST, I decided to take my profits and exit my trade. I got out at 1.2498. (+11 pips)
7:30am 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 1.2479. Since I was only 3 pips away I decided to go for the same amount of pips I was risking on the trade, which in this case was 18. This put my initial target at 1.2515.
Entry: Long at 1.2497 Stop: 1.2479 Target: 1.2515
10:30am EST– My target was hit. Price did not make a clean break so I took my final profit. I got out at 1.2513. (+16 pips)
Trade Result: +11 +16= +27 pips R-Multiple: 1.22; 0.88
News events to watch for Thursday:
- 8:30am EST– US PPI
- 10:00am EST– US Univ. of Mich. Sentiment
For a complete list of news events check out our Forex Economic Calendar.
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