Main Trend
Current Trend
The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
- 8:30am EST– US Philly Fed Survey
Today’s Surf
3:00am 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 my signal and I did not enter.
9:00am 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 1.3868 with a stop at the most recent swing low at 1.3853. Since I was 32 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3900.
Entry: Long at 1.3868 Stop: 1.3853 Target: 1.3900
11:15am EST– My target was hit. Price made a clean break so I moved my stop to 1.3900 and set my next target for 1.3950.
11:30am EST– Unfortunately I was stopped out at my original target at 1.3900. (+32 pips)
Trade Result: +32 pips R-Multiple: 2.13
News events to watch for Friday:
- 4:30am EST– UK Retail Sales
- 10:00am EST– US UoM Consumer Sentiment Index
For a complete list of news events check out our Forex Economic Calendar.
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