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 down the entire day.
Today I only looked for short trades
News events to watch for today :
12:15, 12:45am EST- There was a moving average crossover for a short trade but MACD was already negative so there was no entry.
10:45am 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 1.9653 with a stop at the most recent swing high at 1.9716. Since I was only 3 pips away from the nearest 50 or 00 level (1.9650), I decided to go for the same amount of pips I was risking on the trade, which in this case was 63. This put my initial target at 1.9590.
Entry: Short at 1.9653
Initial Target: 1.9590
2:15am EST- My target wasn’t hit by this time and I had to end my trading day so I went ahead and took my profit and exited at 1.9621.
Trade Result: +32 (NOT INCLUDING SPREAD: R-Multiple: 0.50
News events to watch for tomorrow :
- Tentative– UK Halifax HPI
- 4:30am EST– UK Manufacturing Production, Services PMI
- 10:00am EST– US ISM Non Manufacturing Index
- 2:15pm EST- US FOMC Statement
For a complete list of news events check out our News Section