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Main Trend
Daylight savings time! Because of daylight savings time, the times of the 4hr chart have changed, but the data is still the same.
Current Trend= The trend remained up the entire day.
Today I only looked for long trades.
Today’s Surf
3:15am EDT– 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 2.0940 with a stop at the most recent swing low at 2.0930. Since I was 10 pips away from the nearest 50 or 00 level, I put my initial target at 2.0950.
Entry: Long at 2.0940
Stop: 2.0930
Initial Target: 2.0950
3:45am EDT– My target was hit. Price made a clean break so I moved my stop to 2.0950 and set my next target for 2.1000.
4:15am EDT– My 2nd target was hit at 2.1000. Price made a clean break again so I moved my stop to 2.1000 and set my next target for 2.1050
5:00am EDT– My 3rd target was hit at 2.1050. This time, the price did not make a clean break so I took my final profit at 2.1050.
7:45am EDT– 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 2.1018 with a stop at the most recent swing low at 2.0985. Since I was 32 pips away from the nearest 50 or 00 level, I put my initial target at 2.1050.
Entry: Long at 2.1018
Stop: 2.0985
Initial Target: 2.1050
8:00am EDT– My target was hit. The price did not make a clean break so I took my final profit.
Trade Result: +110 +32= +142 pips; R-Multiple: 11.00, 0.96
News events to watch for tomorrow :
- 7:00am EDT- BOE Interest Rate Statement
- 8:30am EDT– ECB President, Trichet, speaks
- 10:00am EDT– Fed Chairman, Bernanke, speaks
For a list of all of tomorrow’s news events, check out our Forex Calendar