Main Trend
Current Trend
The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today:
- 8:30am EST– US Advanced Goods Trade Balance
- 9:00am EST– US Fed Evans Speaks
- 11:30am EST– US Fed Rosengren Speaks
Today’s Surf
1:45; 2:45am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, but MACD was already negative from the previous candle. This cancelled out my signal and I did not enter.
5:00am 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 1.2737 with a stop at the most recent swing high at 1.2776. Since I was 37 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2700.
Entry: Short at 1.2737 Stop: 1.2776 Target: 1.2700
8:15am EST– Unfortunately my target was not hit by this time. Since news was coming out at 8:30am EST, I decided to manually exit my trade. I got out at 1.2734. (+3 pips)
11:00am EST– Didn’t consider this possible signal because it was right before a news event.
Trade Result: +3 pips R-Multiple: 0.07
News events to watch for Thursday:
- 8:30am EST– US Unemployment Claims
For a complete list of news events check out our Forex Economic Calendar.
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