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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 :
- 5:30am EST– UK CPI
- 8:30am EST– US PPI
Today’s Surf
1:30am 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 2.0010 with a stop at the most recent swing high at 2.0044. Since I was only 10 pips away from the nearest 50 or 00 level (2.0000), I decided to go for the same amount of pips I was risking on the trade, which in this case was 34. This put my initial target at 1.9976.
Entry: Short at 2.0010
Stop: 2.0044
Initial Target: 1.9976
3:15am EST– Unfortunately I was stopped out of my trade.
Trade Result: -34 pips; R-Multiple: -1.00
News events to watch for tomorrow :
- 5:30am EST– UK MPC Meeting Minutes