Main Trend
Current Trend
The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
- 6:00am EST– US NFIB Small Business Index
- 8:30am EST- US CPI
Today’s Surf
4:00am 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 1.3896 with a stop at the most recent swing low at 1.3877. Since I was only 4 pips away from the nearest 50 or 00 level (1.3900), I decided to go for the same amount of pips I was risking on the trade, which in this case was 19. This put my initial target at 1.3915.
Entry: Long at 1.3896 Stop: 1.3877 Target: 1.3915
5:15am EST– Unfortunately I was stopped out of my trade. (-19 pips)
6:15am 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 1.3897 with a stop at the most recent swing low at 1.3872. Since I was only 3 pips away from the nearest 50 or 00 level (1.3900), I decided to go for the same amount of pips I was risking on the trade, which in this case was 25. This put my initial target at 1.3922.
Entry: Long at 1.3897 Stop: 1.3872 Target: 1.3922
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 1.3905 (+8 pips)
Trade Result: -19 +8= -9 pips R-Multiple: -1.00; 0.36
News events to watch for Wednesday:
- 8:30am EST– US PPI
- 10:00am EST– US Business Inventories
For a complete list of news events check out our Forex Economic Calendar.
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