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!
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained up the entire day.
Today I only looked for long trades.
News events to watch for today :
- 4:45am EST– MPC Treasury Committee Hearings
- 8:30am EST– US Existing Home Sales
Today’s Surf
3:45am EST- 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 1.9741 with a stop at the most recent swing low at 1.9712. Since I was only 9 pips away from the nearest 50 or 00 level (1.9750), I decided to go for the same amount of pips I was risking on the trade, which in this case was 29. This put my initial target at 1.9770.
Entry: Long at 1.9741
Stop: 1.9712
Initial Target: 1.9770
4:00am EST- My target was hit. Price did not make a clean break of my target, so I took my final profit. I exited at 1.9768.
Trade Result: +27 pips: R-Multiple: 0.93
News events to watch for Tomorrow :
- 4:30am EST– UK Current Account, GDP
- 8:30am EST– US Core PCE Price Index, Personal Spending, Personal Income
For a complete list of news events check out our News Section
