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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 went from positive to negative. This was a valid entry. The entry was at the close of the candle at 2.0141 with a stop at the most recent swing high at 2.0154. Since I was 41 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0100.
Entry: Short at 2.0141
Stop: 2.0154
Initial Target: 2.0100
2:00am EDT– My target was hit. Price did not make a clean break so I took my final profit.
4:30am EDT– This was a news candle so there was no entry.
10:45am 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 2.0032 with a stop at the most recent swing high at 2.0072. Since I was 32 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0000
Entry: Short at 2.0032
Stop: 2.0072
Initial Target: 2.0000
11:00am 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: +41 +32= +73 pips; R-Multiple: 3.15; 0.64
News events to watch for tomorrow :
- 4:30am EDT– GBP GDP
- 8:30am EDT– US Unemployment Claims
For a list of all of tomorrow’s news events, check out our Forex Calendar