Pssst…Have you heard about MeetPips.com yet?
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 EDT- UK Manufacturing PMI
- 10:00am EDT- US ISM Index
1:30am EDT- 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 1.5297 with a stop at the most recent swing high at 1.5354. Since I was 47 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5250.
Entry: Short at 1.5297
Initial Target: 1.5250
3:00am EDT- My target was hit. Price made a clean break so I moved my stop to 1.5250 and set my next target for 1.5200.
3:15am EDT- My 2nd target was hit at 1.5200. Price made a clean break so I moved my stop to 1.5200 and set my next target at 1.5150. During this same candle my 3rd target was hit at 1.5150. This time, price did not make a clean break so I took my final profit. I exited at 1.5170.
Trade Result: +127 pips (NOT INCLUDING SPREAD) R-Multiple: 2.23
News events to watch for tomorrow :
For a complete list of news events check out our News Section