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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 Trade Balance
- 7:00am EST– UK BOE MPC Minutes
- 7:30am EST– UK BOE Carney Speaks
- 8:30am EST– US PPI
- 8:45am EST– US Bloomberg May Economic Survey
Today’s Surf
1:00am 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 1.2934 with a stop at the most recent swing high at 1.2944. Since I was 34 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2900.
Entry: Short at 1.2934 Stop: 1.2944 Target: 1.2900
2:15am EST– Unfortunately I was stopped out of my trade. (-10 pips)
2:45am 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 1.2934 with a stop at the most recent swing high at 1.2948. Since I was 34 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2900.
Entry: Short at 1.2934 Stop: 1.2948 Target: 1.2900
4:15am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 4:30am EST, I decided to manually exit my trade. I got out at 1.2930. (+4 pips)
Trade Result: -10 +4= -6 pips R-Multiple: -1.00; 0.28
News events to watch for Friday:
- 8:30am EST– US CPI
- 9:00am EST– US Fed Evans Speaks
- 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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