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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 BOE Net Consumer Credit
- 8:30am EST– US Trade Balance
- 10:00am EST– US Factory Orders
Today’s Surf
2:00am 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 1.2869 with a stop at the most recent swing high at 1.2881. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2850.
Entry: Short at 1.2869 Stop: 1.2881 Target: 1.2850
2:30am EST– My target was hit. Price made a clean break so I moved my stop to 1.2850 and set my next target at 1.2800.
2:45am EST– Unfortunately I was stopped out at my original target of 1.2850. (+19 pips)
7:45am EST– Didn’t consider this possible signal because it was close to the 8:30am EST news event.
Trade Result: +19 pips R-Multiple: 1.58
News events to watch for Friday:
- 8:30am EST– US NFP
For a complete list of news events check out our Forex Economic Calendar.
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