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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 MPC Meeting Minutes
Today’s Surf
1:00am 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 2.0080 with a stop at the most recent swing high at 2.0123. Since I was 30 pips away from the nearest 50 or 00 level, I decided to put my initial target at 2.0050.
Entry: Short at 2.0080
Stop: 2.0123
Initial Target: 2.0050
3:15am EST– Unfortunately, I was stopped out of my trade.
4:45am EST– There was a valid signal here but because it was close to an important news report I did not enter.
Trade Result: -43 pips; R-Multiple: -1.00
News events to watch for tomorrow :
- 5:30am EST– UK Retail Sales
- 10:00am EST– US Philadelphia Fed Index