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 PPI
Today’s Surf
12:45am 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 1.2871 with a stop at the most recent swing high at 1.2890. Since I was 21 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2850.
Entry: Short at 1.2871 Stop: 1.2890 Target: 1.2850
2:00am EST– Unfortunately I was stopped out of my trade. (-19 pips)
2:30am 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 1.2873 with a stop at the most recent swing high at 1.2886. Since I was 23 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2850.
Entry: Short at 1.2873 Stop: 1.2886 Target: 1.2850
3:30am EST– My target was hit. Price didn’t make a clean break and closed right at 1.2850. (+23 pips)
9:30am 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: -19 +23= +4 pips R-Multiple: -1.00; 1.76
News events to watch for Friday:
- 4:30am EST– UK Trade Balance
- 8:30am EST– US CPI
For a complete list of news events check out our Forex Economic Calendar.
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