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 Public Sector Net Borrowing
- 8:30am EST– US Philly Fed Survey
- 9:00am EST– US FHFA House Price Index
- 10:15am EST– US Fed Fisher Speaks
Today’s Surf
12:45am 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 1.3486 with a stop at the most recent swing high at 1.3495. Since I was 36 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3450.
Entry: Short at 1.3486 Stop: 1.3495 Target: 1.3450
2:00am EST– Unfortunately I was stopped out of my trade. (-9 pips)
3:30am EST– Didn’t consider this possible signal because news was coming out at 4:30am EST.
4:45am 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 1.3490 with a stop at the most recent swing high at 1.3512. Since I was 40 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3450.
Entry: Short at 1.3490 Stop: 1.3512 Target: 1.3450
8:15am EST– Unfortunately my trade wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to cut my trade short and manually exit. I got out at 1.3491. (-1 pip)
Trade Result: -9 -1= -10 pips R-Multiple: -1.00; -0.04
News events to watch for Friday:
- 6:00am EST– UK CBI Industrial Trends
- 9:30am EST– US Fed’s George Speaks
For a complete list of news events check out our Forex Economic Calendar.
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