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Main Trend
Current Trend= The trend remained up the entire day.
Today I only looked for long trades.
Today’s Surf
2:00am EDT– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.9666 with a stop at the most recent swing low at 1.9641. Since I was 34 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9700.
Entry: Long at 1.9666
Stop: 1.9641
Initial Target: 1.9700
4:15am EDT– My target was not hit by this time. I knew that news was coming out at 4:30am EDT, so I decided to close my trade out. I exited at 1.9668.
10:30am 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 1.9729 with a stop at the most recent swing low at 1.9715. Since I was 21 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9750.
Entry: Long at 1.9729
Stop: 1.9715
Initial Target: 1.9750
11:15am EDT– Unfortunately I was stopped out of my trade.
12:00pm EDT– Note that there was a valid signal here and some of you might have taken it for a nice profit. According to my rules I don’t enter signals after 12:00pm EDT so I decided to stay out of this one. Unfortunately for me, I missed a nice trade here!
Trade Result: +2 -14= -12 pips; R-Multiple: 0.08; -1.00
News events to watch for tomorrow :
- 4:30am EDT- GBP GDP
- 8:30am EDT- US Durable Goods
- 10:00am EDT- US New Home Sales