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 :
- 4:30am EST– UK Halifax HPI
- 7:00am EST– UK Official Bank Rate
- 8:30am EST- US Unemployment Claims
- 10:00am EST– US Pending Home Sales
4:30am 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 1.9486 with a stop at the most recent swing high at 1.9514. Since I was 36 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.9450.
Entry: Short at 1.9486
Initial Target: 1.9450
5:30am EST- Unfortunately I was stopped out of my trade.
8:30am EST– There was a good looking signal here but because it occurred on a news candle, it was an invalid trade. No entry!
Trade Result: -28 pips (NOT INCLUDING SPREAD!) R-Multiple: -1.00
News events to watch for tomorrow :
- 8:30am EST- US Prelim Nonfarm Productivity
For a complete list of news events check out our News Section