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Main Trend
Current Trend= The trend remained down the entire day.
Today I only looked for short trades.
News events to watch for today :
- 4:30am EDT– GBP Manufacturing PMI
- 10:00am EDT– US ISM Manufacturing Index
Today’s Surf
2:30am 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 1.9842 with a stop at the most recent swing high at 1.9861. Since I was 42 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9800.
Entry: Short at 1.9842
Stop: 1.9861
Initial Target: 1.9800
4:15am EDT– My target wasn’t hit by this time. I knew that news was coming up at 4:30am EDT, so I went ahead and closed out my trade. I managed to exit at 1.9828.
6:45am 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 1.9828 with a stop at the most recent swing high at 1.9864. Since I was 28 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9800.
Entry: Short at 1.9828
Stop: 1.9864
Initial Target: 1.9800
9:15am EDT- Unfortunately I was stopped out of my trade.
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 1.9837 with a stop at the most recent swing high at 1.9936. Since I was 37 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9800.
Entry: Short at 1.9837
Stop: 1.9936
Initial Target: 1.9800
4:00pm EDT– Unfortunately my target wasn’t hit by this time. According to my rules, I exit all trades at 4:00pm EDT whether I’m positive or negative. I managed to exit at 1.9846 for a 9 pip loss.
Trade Result: +14 -36 -9= -31 pips; R-Multiple: 0.73; -1.00; -0.09
News events to watch for tomorrow :
- 9:00am EDT- Fed Chairman Ben Bernanke Speaks