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 down the entire day.
Today I only looked for short trades
News events to watch for today :
- 8:15am EST– US ADP Nonfarm Employment Change
Today’s Surf
1:15am 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 1.9809 with a stop at the most recent swing high at 1.9816. Since I was only 9 pips away from the nearest 50 or 00 level, AND because I would only get 7 pips if I went for the same amount of pips I was risking, I decided to set my own target of about 15 pips. This put my target at 1.9794.
Entry: Short at 1.9809
Stop: 1.9816
Initial Target: 1.9794
1:45am EST- My target was hit! Price made a big break of my target so I moved my stop to lock in 30 pips at 1.9779 and set my next target for 1.9750.
2:00am EST- Unfortunately I was stopped out at 1.9779.
6:00am 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 1.9800 with a stop at the most recent swing high at 1.9840. Since I was 50 pips away from the nearest 50 or 00 level, I decided to put my target at 1.9750.
Entry: Short at 1.9800
Stop: 1.9840
Initial Target: 1.9750
8:00am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 8:15am EST, I decided to close out my trade. I exited at 1.9810.
Trade Result: +30 -10= +20 (NOT INCLUDING SPREAD: R-Multiple: 4.28; -0.25
News events to watch for tomorrow :
- 2:00am EST– UK Nationwide HPI
- 8:30am EST– US Advance GDP
For a complete list of news events check out our News Section
