Main Trend
Current Trend
The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today:
- 8:00am EST– UK BOE Bank Rate
- 8:30am EST– US Unemployment Claims
- 10:00am EST– US ISM Manufacturing
Today’s Surf
1:30am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry.
The entry was at the close of the candle at 1.2854 with a stop at the most recent swing low at 1.2837. Since I was 46 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2900.
Entry: Long at 1.2854 Stop: 1.2837 Target: 1.2900
4:15am EST– My target was hit. Price made a clean break so I set my stop to 1.2900 and put my next target at 1.2950.
5:15am EST– Unfortunately I got stopped out at my original target at 1.2900. (+46 pips)
7:30am EST– Didn’t consider this possible signal because it was right before the 8:00am EST news event.
Trade Result: +46 pips R-Multiple: 2.70
News events to watch for Friday:
- 5:30am EST– UK CIPS PMI
- 8:30am EST– US NFP
For a complete list of news events check out our Forex Economic Calendar.
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