Main Trend
Current Trend
The trend was UP until 11am EST. From 7am – 11am EST, a new trend change candle formed and changed the trend from up to DOWN. After 11am EST, the trend remained DOWN the rest of the day.
Today I only looked for long trades until 11am EST. After 11am EST, I only looked for short trades.
News events to watch for today:
- 8:30am EST- US Building Permits
Today’s Surf
12:15am EST– 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 1.2858 with a stop at the most recent swing low at 1.2854. Since I was 42 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2900.
Entry: Long at 1.2858 Stop: 1.2854 Target: 1.2900
2:00am EST– Unfortunately I was stopped out of my trade. (-4 pips)
2:45am EST– 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 1.2862 with a stop at the most recent swing low at 1.2832. Since I was 38 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2900.
Entry: Long at 1.2862 Stop: 1.2832 Target: 1.2900
4:00am EST– Unfortunately I was stopped out of my trade. (-30 pips)
5:30am EST– 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 1.2864 with a stop at the most recent swing low at 1.2821. Since I was 36 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2900.
Entry: Long at 1.2864 Stop: 1.2821 Target: 1.2900
8:15am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to manually close my trade. I got out at 1.2845. (-19 pips)
Trade Result: -53 pips R-Multiple: -1.00; -1.00; -0.44
News events to watch for Wednesday:
- 4:30am EST– UK Public Finances
- 8:30am EST– US Durable Goods
- 10:00am EST– US Existing Home Sales
For a complete list of news events check out our Forex Economic Calendar.
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