Main Trend
Current Trend
The trend was UP until the entire day today.
Today I only looked for long trades.
News events to watch for today:
- 4:30am EST– UK Claimant Count Change
- 8:50am EST– US Fed Mester Speaks
Today’s Surf
7:30am 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 1.2928 with a stop at the most recent swing low at 1.2902. Since I was 22 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2950.
Entry: Long at 1.2928 Stop: 1.2902 Target: 1.2950
8:00am EST– My target was hit. Price made a clean break so I moved my stop to 1.2950 and set my next target for 1.3000.
8:45am EST– Unfortunately my 2nd target wasn’t hit by this time. Since news was coming out at 8:50am EST, I decided to manually exit my trade. I got out at 1.2951. (+23 pips)
Trade Result: +23 Pips R-Multiple: 0.88
News events to watch for Wednesday:
- None
For a complete list of news events check out our Forex Economic Calendar.
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