Main Trend
Current Trend
The trend was UP until 4am EST. From 12am – 4am a new trend change candle changed from up to DOWN. After 4am EST, the trend remained DOWN the rest of the day.
Today I only looked for long trades until 4am EST. After 4am EST, I only looked for short trades.
News events to watch for today:
- 4:30am EST– UK Public Sector Borrowing
- 6:00am EST– UK CBI Industrial Trends
Today’s Surf
2:15am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already positive from the previous candle. This cancelled out the signal and I did not enter.
9:45am 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 1.2822 with a stop at the most recent swing high at 1.2839. Since I was 22 pips away from the nearest 50 or 00 level, I decided to place my initial target at 1.2800.
Entry: Short at 1.2822 Stop: 1.2839 Target: 1.2800
11:00am EST– Unfortunately I was stopped out of my trade. (-17 pips)
Trade Result: -17 pips R-Multiple: -1.00
News events to watch for Wednesday:
- 9:05am EST– US Fed Kaplan Speaks
- 10:00am EST– US New Home Sales
For a complete list of news events check out our Forex Economic Calendar.
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