Main Trend
Current Trend
The trend was DOWN until the entire day today.
Today I only looked for short trades.
News events to watch for today:
- 5:30am EST– UK Public Finances
- 5:30am EST- UK Retail Sales
- 8:00am EST– UK BOE Rate Decision
- 8:30am EST– US Philly Fed Survey
Today’s Surf
3:30am 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 1.3187 with a stop at the most recent swing high at 1.3225. Since I was 37 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3150.
Entry: Short at 1.3187 Stop: 1.3225 Target: 1.3150
4:15am EST– My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.3152. (+35 pips)
10:30am 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 1.3123 with a stop at the most recent swing high at 1.3172. Since I was 23 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3100.
Entry: Short at 1.3123 Stop: 1.3172 Target: 1.3100
11:00am EST– My target was hit. Price made a clean break so I moved my stop to 1.3100 and set my next target for 1.3050.
11:45am EST– Unfortunately it hit 12 noon EST and my 2nd target wasn’t hit yet. I decided to manually close out my trade and take my final profit. I exited at 1.3072. (+51 pips)
Trade Result: +35 +51= +86 Pips R-Multiple: 0.92; 1.04
News events to watch for Friday:
- 10:00am EST– US Existing Home Sales
For a complete list of news events check out our Forex Economic Calendar.
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