Main Trend
Current Trend
The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
- 4:30am EST– UK Manufacturing PMI
Today’s Surf
2:00am 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 1.3530 with a stop at the most recent swing low at 1.3512. Since I was 20 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3550.
Entry: Long at 1.3530 Stop: 1.3512 Target: 1.3550
3:30am EST– My target was hit. Price made a clean break so I moved my stop to 1.3550 and set my next target for 1.3600.
3:45am EST– Unfortunately I was stopped out at my original target at 1.3550. (+20 pips)
6:45am EST– There was a moving average crossover for a long trade. RSI was greater than 50, MACD was negative and gaining value, but stochastics were still trending down. This cancelled out the signal and I did not enter.
10:30am 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 1.3560 with a stop at the most recent swing low at 1.3541. Since I was 40 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3600.
Entry: Long at 1.3560 Stop: 1.3541 Target: 1.3600
12:00pm EST– My target wasn’t hit by this time. Since it was 12 noon EST, I decided to manually close out my trade. I got out at 1.3597 (+27 pips)
Trade Result: +20 +27= +47 pips R-Multiple: 1.11; 1.42
News events to watch for Wednesday:
- 10:00am EST– US ISM Manufacturing
For a complete list of news events check out our Forex Economic Calendar.
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