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 Public Sector Net Borrowing
- 6:00am EST– UK CBI Industrial Trend Orders
Today’s Surf
1:00am 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 1.3986 with a stop at the most recent swing low at 1.3971. Since I was 14 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4000.
Entry: Long at 1.3986 Stop: 1.3971 Target: 1.4000
1:45am EST– Unfortunately I was stopped out of my trade. (-15 pips)
8:15am 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.
Trade Result: -15 pips R-Multiple: -1.00
News events to watch for Wednesday:
- 4:30am EST– UK Claimant Count Change
- 9:00am EST– US FHFA House Price Index
- 10:00am EST– US Existing Home Sales
For a complete list of news events check out our Forex Economic Calendar.
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