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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
2:15am EDT– 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 2.0182 with a stop at the most recent swing high at 2.0224. Since I was 32 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0150.
Entry: Short at 2.0182
Stop: 2.0224
Initial Target: 2.0150
4:15am EDT– My target was not hit by this time. I knew that the GBP CPI was coming up at 4:30am EDT. According to my rules, I don’t hold trades over important news events. I manually exited at 2.0190 and took a small loss.
3:30am EDT– Unfortunately I was stopped out at 2.0150
10:30am EDT– 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 2.0154 with a stop at the most recent swing high at 2.0194. Since I was only 4 pips away from the nearest 50 or 00 level (2.0150), I decided to go for the same amount of pips I was risking on the trade, which in this case was 40. This put my initial target at 2.0114.
Entry: Short at 2.0154
Stop: 2.0194
Initial Target: 2.0114
12:15pm EDT– My target was hit. Price did not make a clean break of my target so I went ahead and took my final profit.
Trade Result: -8 +40= +32 pips; R-Multiple: -0.19; 1.00
News events to watch for tomorrow :
- 4:30am EDT– MPC Minutes
For a list of all of tomorrow’s news events, check out our Forex Calendar