Main Trend
Current Trend
The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
- 9:00am EST– US S&P Case-Shiller Home Price
- 10:00am EST– US Consumer Confidence
Today’s Surf
12:15am 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 1.2805 with a stop at the most recent swing high at 1.2812. Normally, because I was only 5 pips away from the nearest 50 or 00 level, I would set my target for the same amount of pips I was risking on the trade. However, in this case I was only risking 7 pips on the trade (1.2812), so there was no risk in going for the next 50 or 00 level, which would be 1.2750.
Entry: Short at 1.2805 Stop: 1.2812 Target: 1.2750
6:45am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.2752 (+53 pips)
10:30am 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 1.2745 with a stop at the most recent swing high at 1.2778. Since I was 45 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2700.
Entry: Short at 1.2745 Stop: 1.2778 Target: 1.2700
11:45am EST– My target wasn’t hit by this time. Since it was approaching 12 noon EST, I decided to close out my trade. I got out at 1.2730. (+15 pips)
Trade Result: +53 +15 pips R-Multiple: 7.57; 0.45
News events to watch for Wednesday:
- 8:15am EST– US ADP National Employment Report
- 9:45am EST– US Chicago PMI
For a complete list of news events check out our Forex Economic Calendar.
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