Main Trend
Current Trend
The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
- 8:30am EST– US Durable Goods
- 9:00am EST– US FHFA House Price Index
- 10:00am EST– US Consumer Confidence
Today’s Surf
1:00am EST– There was a moving average crossover for a short trade. RSI was less than 50, MACD was positive and losing value, but stochastics were still trending up. This cancelled out the signal and I did not enter.
4:15am 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 1.3965 with a stop at the most recent swing high at 1.3996. Since I was 15 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3950.
Entry: Short at 1.3965 Stop: 1.3996 Target: 1.3950
4:45am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.3952 (+13 pips)
6:30am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, but MACD was already negative from the previous candle. This cancelled out my signal and I did not enter.
Trade Result: +13 pips R-Multiple: 0.41
News events to watch for Wednesday:
- 8:30am EST– US GDP
- 9:45am EST– US Chicago PMI
- 10:00am EST– US Pending Home Sales
For a complete list of news events check out our Forex Economic Calendar.
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