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
- 9:15am EST– US Industrial Production
Today’s Surf
12:30am 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.
1:45am 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 1.4012 with a stop at the most recent swing low at 1.4005. Since I was 38 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4050.
Entry: Long at 1.4012 Stop: 1.4005 Target: 1.4050
2:45am EST– My target was hit. Price did not make a clean break so I took my final profit. I got out at 1.4047. (+35 pips)
7:15am 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 1.4062 with a stop at the most recent swing low at 1.4036. Since I was 38 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4100.
Entry: Long at 1.4062 Stop: 1.4036 Target: 1.4100
8:15am EST– My target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to manually exit my trade. I got out at 1.4075. (+13 pips)
Trade Result: +35 +13= +48 pips R-Multiple: 5.00; 0.50
News events to watch for Friday:
- 4:30am EST– UK Retail Sales
- 8:30am EST– US Housing Starts
- 10:00am EST- US UoM Consumer Sentiment
For a complete list of news events check out our Forex Economic Calendar.
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