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Main Trend
Current Trend= The trend remained up until 12pm ET. From 8am – 12pm ET, a new trend change candle formed and changed the trend from down to UP. After 12pm ET, the trend remained up.
Today I looked for short trades until 12pm ET. Since I wasn’t in a trade by 12pm ET, I called it quits for the day.
Today’s Surf
1:00am ET– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 2.0304 with a stop at the most recent swing high at 2.0325. Since I was only 4 pips away from the nearest 50 or 00 level (2.0300), I decided to go for the same amount of pips I was risking on the trade, which in this case was 21. This put my target at 2.0283.
Entry: Short at 2.0304
Stop: 2.0325
Initial Target: 2.0283
2:00pm ET– My target was hit. Price did not make a clean break of my target so I closed out my trade. I managed to exit at 2.0286.
6:15am ET– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 2.0326 with a stop at the most recent swing high at 2.0369. Since I was 26 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0300.
Entry: Short at 2.0326
Stop: 2.0369
Initial Target: 2.0300
8:15am ET– Unfortunately I was stopped out of my trade.
Trade Result: +18 -43= -25 pips; R-Multiple: 0.86, -1.00
Tomorrow’s news events to watch out for:
- 4:30am ET– GBP Retail Sales
For the rest of tomorrow’s news lineup, check out our Forex Calendar