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Sorry, there is still no video update because my voice hasn’t returned yet. I promise it will be back once I can speak!
Main Trend
Current Trend= The trend remained down the entire day.
Today I only looked for short trades.
News events to watch for today :
- 9:00am EST– US TIC Data
Today’s Surf
2:00am EST– 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 2.0123 with a stop at the most recent swing high at 2.0152. Since I was 23 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0100.
Entry: Short at 2.0123
Stop: 2.0152
Initial Target: 2.0100
2:30am EST– Unfortunately I was stopped out of my trade.
2:45am EST– There was a moving average crossover for a short trade. RSI was less than 50, MACD was positive and losing value, but stochastics were not trending down. This cancelled out the signal and I did not enter.
6:00am EST– 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 2.0111 with a stop at the most recent swing high at 2.0231. Since I was only 11 pips away from the nearest 50 or 00 level (2.0100), I decided to go for the same amount of pips I was risking on the trade, which in this case was 120. This put my initial target at 1.9991.
Entry: Short at 2.0111
Stop: 2.0231
Initial Target: 1.9991
7:30am EST– Amazingly my target was hit. I didn’t think the price would move this much since it’s a Monday but I must admit I was pretty happy at this point. Price did not make a clean break of my target so I took my final profit. I managed to exit at 2.0003.
Trade Result: -29 +108= +79 pips; R-Multiple: -1.00; 0.87
News events to watch for tomorrow :
- 5:30am EST– UK CPI
- 8:30am EST– US PPI
- 2:15pm EST– US Interest Rate Statement