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Main Trend
Current Trend
The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
- 4:30am EST– UK Retail Sales; BBA Mortgage Approvals
- 8:30am EST– US Initial Claims
- 9:00am EST– US FHFA House Price Index
Today’s Surf
2:30am 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 1.6042 with a stop at the most recent swing high at 1.6059. Since I was 42 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6000.
Entry: Short at 1.6042 Stop: 1.6059 Target: 1.6000
4:15am EST– My target wasn’t hit by this time. Since news was coming out at 4:30am EST, I decided to manually exit my trade. I got out at 1.6020. (+22 pips)
10:00am 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 1.6012 with a stop at the most recent swing high at 1.6038. Since I was 12 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6000.
Entry: Short at 1.6012 Stop: 1.6038 Target: 1.6000
10:30am EST– Unfortunately I was stopped out of my trade. (-26 pips)
Trade Result: +22 -26= -4 pips R-Multiple: 1.29; -1.00
News events to watch for Friday:
- 4:30am EST- UK GDP
- 10:00am EST- US New Home Sales
For a complete list of news events check out our Forex Economic Calendar.
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