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Main Trend

Current Trend

The trend was UP until 8am EST. From 4am to 8am EST a new trend change candle formed and changed the trend from up to DOWN. After 8am EST the trend remained DOWN the rest of the day.

Today I only looked for long trades until 8am EST. After 8am EST, I only looked for short trades.

News events to watch for today :

• 4:30am EST- UKGDP; Current Account
• 8:30am EST- US Durable Goods

Today's Surf

5:30am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry.

The entry was at the close of the candle at 1.5943 with a stop at the most recent swing low at 1.5902. Since I was only 7 pips away from the nearest 50 or 00 level (1.5950), I decided to go for the same amount of pips I was risking on the trade, which in this case was 41. This put my initial target at 1.5984.

Entry: Long at 1.5943 Stop: 1.5902 Target: 1.5984

7:00am EST- Unfortunately I was stopped out of my trade. (-41 pips)

Trade Result: -41 pips R-Multiple: -1.00

News events to watch for Thursday:

• 4:30am EST- BOE Mortgage Approvals; Net Consumer Credit
• 8:30am EST- US GDP; Core PCE Price Index; Initial Claims

For a complete list of news events check out our Forex Economic Calendar.
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