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 up the entire day
Today I only looked for long trades.
News events to watch for today :
- 8:30am EDT- US Trade Balance
4:15am EDT- 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 1.4961 with a stop at the most recent swing low at 1.4897. Since I was 39 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5000.
Entry: Long at 1.4961
Initial Target: 1.5000
7:15am EDT- Unfortunately I was stopped out of my trade.
10:00am EDT- 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 1.4937 with a stop at the most recent swing low at 1.4877. Since I was only 13 pips away from the nearest 50 or 00 level (1.4950), I decided to go for the same amount of pips I was risking on the trade, which in this case was 60. This put my target at 1.4997 or (1.5000) since it was so close.
Entry: Long at 1.4937
Initial Target: 1.5000
12:30am EDT– My target was hit. Price made a clean break so I moved my stop to 1.5000 and set my next target for 1.5550.
12:45am EDT- Unfortunately I was stopped out at 1.5000.
Trade Result: -64 +63= -1 pip (NOT INCLUDING SPREAD) R-Multiple: -1.00; 1.05
News events to watch for tomorrow :
- 8:30am EDT- US Retail Sales; US PPI
- 9:55am EDT– US Prelim Consumer Sentiment
For a complete list of news events check out our News Section