Main Trend
Current Trend
The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
Today’s Surf
2:00am 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 1.3358 with a stop at the most recent swing high at 1.3370. Since I was only 8 pips away from the nearest 50 or 00 level (1.3350), I decided to go for the same amount of pips I was risking on the trade, which in this case was 12. This put my initial target at 1.3346.
Entry: Short at 1.3358 Stop: 1.3370 Target: 1.3346
3:15am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I got out at 1.3347. (+11 pips)
6:45am 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 1.3329 with a stop at the most recent swing high at 1.3345. Since I was 29 pips away from the nearest 50 or 00 level, I put my initial target at 1.3300.
Entry: Short at 1.3329 Stop: 1.3345 Target: 1.3300
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 1.3335. (-6 pips)
Trade Result: +11 -6= +5 pips R-Multiple: 0.91; -0.37
News events to watch for Thursday:
- 4:30am EST– UK Retail Sales
- 8:30am EST– US Retail Sales
- 10:00am EST– US Business Inventories
For a complete list of news events check out our Forex Economic Calendar.
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