Main Trend
Current Trend
The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
- 9:00am EST– US S&P Case-Shiller Home Price
- 10:00am EST– US Consumer Confidence
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 1.3036 with a stop at the most recent swing low at 1.3024. Since I was 14 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3050.
Entry: Long at 1.3036 Stop: 1.3024 Target: 1.3050
3:00am EST– Unfortunately I was stopped out of my trade. (-12 pips)
4:15am 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 1.3037 with a stop at the most recent swing low at 1.3015. Since I was 13 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3050.
Entry: Long at 1.3037 Stop: 1.3015 Target: 1.3050
5:45am EST– Unfortunately I was stopped out of my trade. (-22 pips)
6:45am 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 1.3031 with a stop at the most recent swing low at 1.3007. Since I was 19 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3050.
Entry: Long at 1.3031 Stop: 1.3007 Target: 1.3050
7:45am EST– My target was hit. Price made a clean break so I moved my stop to 1.3050 and set my next target for 1.3100.
8:45am EST- Unfortunately my 2nd target wasn’t hit by this time. Since news was coming out at 9:00am EST, I decided to manually exit my trade. I got out at 1.3070. (+39 pips)
Trade Result: -12 -22 +39= +5 pips R-Multiple: -1.00; -1.00; 1.62
News events to watch for Wednesday:
- 4:30am EST– UK GDP
- 10:00am EST– US New Home Sales
For a complete list of news events check out our Forex Economic Calendar.
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