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Main Trend
Current Trend
The trend was DOWN until 11am EST. From 7am – 11am EST, a new trend change candle formed and changed the trend from down to UP. After 11am EST, the trend remained up the rest of the day.
Today I only looked for short trades until 11am EST. After 11am EST, I only looked for long trades.
News events to watch for today :
- 4:30am EST- UK CIPS Market Services PMI
- 8:15am EST– US ADP Employment Survey
- 10:00am EST– US ISM Non Manufacturing
Today’s Surf
12:45am 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 1.6660 with a stop at the most recent swing high at 1.6669. Since I was only 10 pips away from the nearest 50 or 00 level (1.6650), and because I was only risking 9 pips on the trade, I decided to go for th next 50 or 00 level which in this case was 1.6600.
Entry: Short at 1.6660 Stop: 1.6669 Target: 1.6600
2:15am EST– Unfortunately I was stopped out of my trade. (-9 pips)
5:15am 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 1.6670 with a stop at the most recent swing high at 1.6693. Since I was 20 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6650.
Entry: Short at 1.6670 Stop: 1.6693 Target: 1.6650
6:45am EST– Unfortunately I was stopped out of my trade. (-23 pips)
Trade Result: -32 pips R-Multiple:-1.00; -1.00
News events to watch for Thursday:
- 7:00am EST– UK BOE Base Rate
- 8:30am EST– US Initial Claims
- 10:00am EST– US Factory Orders
For a complete list of news events check out our Forex Economic Calendar.
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