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 :
- 4:30am EST– UK Retail Sales
- 8:30am EST– US Unemployment Rate
2:45am 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 1.9734 with a stop at the most recent swing low at 1.9697. Since I was 16 pips away from the nearest 50 or 00 level, I decided to put my target at 1.9750.
Entry: Long at 1.9734
Initial Target: 1.9750
3:00am EST– My target is hit. Price did not make a clean break so I took my final profit. I managed to get out at 1.9745.
4:30am EST– There was a signal here but because it was a news candle, I did not enter.
Trade Result: +11 pips : R-Multiple: 0.29
News events to watch for Monday :
- 4:30am EST– UK Revised GDP
- 10:00am EST– US Existing Home Sales
For a complete list of news events check out our News Section