If you haven’t done so already , go check out BabyPips’ newest creation, FreshPips.com !
Freshpips.com delivers to your e-door step the most relevant Forex news and research on the Web. The stories you see on FreshPips are submitted by site members – you and your fellow Forex traders. You then decide what’s “fresh” and what, well, sucks. Top honors – submissions placed on the main page – are given to the stories deemed fresh by the FreshPips.com community as a whole.
Check it out, register, and start submitting cool Forex stories today!
Current Trend= The trend remained down the entire day
Today I only looked for short trades.
News events to watch for today :
- 4:30am EST- UK Services PMI
- 8:15am EST- US ADP Nonfarm Employment Change
- 10:00am EST- US ISM Non-Manufacturing Composite
1:15am 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 1.9617 with a stop at the most recent swing high at 1.9630. Since I was 17 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9600.
Entry: Short at 1.9617
Initial Target: 1.9600
2:00am EST- My target was hit. Price made a clean break, so I moved my stop to 1.9600 and set my next target for 1.9550.
3:15am EST- My 2nd target was hit. This time price didn’t make a clean break so I took my final profit. I exited at 1.9555.
7:30am EST- There was a signal here, but I didn’t want to enter because it was close to news.
9:30am EST- There was a signal here, but I didn’t want to enter because it was close to news.
Trade Result: +62 pips (THIS DOESN’T INCLUDE SPREAD): R-Multiple: 4.77
News events to watch for tomorrow :
- 7:00am EST- UK Interest Rate Statement
- 8:30am EST- Unemployment Claims
For a complete list of news events check out our News Section