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 :
- 4:45am EST– MPC Treasury Committee Hearings
- 8:30am EST– US Trade Balance
4:30am EST- There was a valid signal here but because it was before news, I did not enter.
10:00am 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 1.7527 with a stop at the most recent swing high at 1.7588. Since I was 27 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.7500.
Entry: Short at 1.7527
Initial Target: 1.7500
10:45am EST- My target was hit. Price did not make a clean break, so I took my final profit. I exited at 1.7503.
Trade Result: +24 pips (NOT INCLUDING SPREAD) R-Multiple: 0.39
News events to watch for tomorrow :
- 4:30am EST- US Retail Sales; US PPI
- 9:55am EST– US Consumer Sentiment
For a complete list of news events check out our News Section