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Main Trend
Current Trend= The trend remained down the entire day.
Today I only looked for short trades.
Today’s Surf
2:45am ET– 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 2.0333 with a stop at the most recent swing high at 2.0345. Since I was 33 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0300.
Entry: Short at 2.0333
Stop: 2.0345
Initial Target: 2.0300
4:00am ET– Unfortunately I was stopped out of my trade.
5:00am ET– 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 2.0332 with a stop at the most recent swing high at 2.0352. Since I was 32 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0300.
Entry: Short at 2.0332
Stop: 2.0352
Initial Target: 2.0300
5:30am ET– My target was hit. Price made a clean break of my target, so I moved my stop loss to 2.0300 and set my next target for 2.0250.
5:45am ET– Unfortunately I was stopped out at 2.0300.
Trade Result: -12 +32= +20 pips; R-Multiple: -1.00, 1.60
Tomorrow’s news events to watch out for:
- Nothing really in regards to the Sterling and Dollar.
For the rest of tomorrow’s news lineup, check out our Forex Calendar