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 CPI
- 6:00am EST– US NFIB Small Business Optimism Index
- 8:30am EST– US PPI
Today’s Surf
5:00am EST– Didn’t consider this possible signal because it was right before the 6:00am EST news event.
9:00am 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 1.3334 with a stop at the most recent swing high at 1.3370. Since I was 34 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3300.
Entry: Short at 1.3334 Stop: 1.3370 Target: 1.3300
11:45am EST– My target wasn’t hit by this time. Since 12 noon was approaching, I decided to manually exit my trade. I got out at 1.3324. (+10 pips)
Trade Result: +10 pips R-Multiple: 0.27
News events to watch for Wednesday:
- 4:30am EST– UK Claimant Count Change
- 8:30am EST– US CPI
For a complete list of news events check out our Forex Economic Calendar.
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