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 until 8am EST. From 4am – 8am EST, a new trend change candle formed and changed the trend from down to UP. After 8am EST, the trend remained up the rest of the day.
Today I only looked for short trades until 8am EST. After 8am EST, I only looked for long trades.
News events to watch for today :
- 4:30am EST- UK Claimant Count Change, MPC Meeting Minutes
- 8:30am EST- US Building Permits
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 1.7827 with a stop at the most recent swing high at 1.7870. Since I was 27 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.7800.
Entry: Short at 1.7827
Initial Target: 1.7800
2:00am EST- Unfortunately I was stopped out of my trade.
4:00am EST- There was a valid signal here but because it was right before news, I did not enter. No trade.
Trade Result: +43 pips (NOT INCLUDING SPREAD) R-Multiple: 0.89
News events to watch for tomorrow :
- 4:30am EST– UK Retail Sales
- 8:30am EST– US Unemployment Claims
- 10:00am EST– US Philadelphia Fed Index
For a complete list of news events check out our News Section