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 Borrowing
- 8:30am EST– US Philly Fed Survey
- 9:00am EST– US FHFA House Price Index
Today’s Surf
2:00am 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 1.3358 with a stop at the most recent swing high at 1.3367. Since I was only 8 pips away from the nearest 00 or 50 level (1.3350), I decided to go for the same amount of pips I was risking on the trade, which in this case was 9. This put my initial target at 1.3349.
Entry: Short at 1.3358 Stop: 1.3367 Target: 1.3349
3:15am EST– Unfortunately I was stopped out of my trade. (-9 pips)
6:30am 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 1.3364 with a stop at the most recent swing high at 1.3386. Since I was 14 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3350.
Entry: Short at 1.3364 Stop: 1.3386 Target: 1.3350
7:15am EST– My target was hit. Price did not make a clean break so I took my final profit. I got out at 1.3352. (+12 pips)
Trade Result: -9 +12= +3 pips R-Multiple: -1.00; 0.54
News events to watch for Friday:
- 4:30am EST– UK GDP
- 8:30am EST– US Durable Goods
- 10:00am EST– US New Home Sales
For a complete list of news events check out our Forex Economic Calendar.
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