Start your own blog and share your trades at MeetPips.com
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 up until 11am EDT. From 7am -11am EDT, a new trend change candle formed and changed the trend from up to DOWN. After 11am EDT, the trend remained down.
Today I only looked for long trades until 11am EDT. After 11am EDT, I only looked for short trades.
News events to watch for today :
- 4:30am EDT- UK Retail Sales
- 8:30am EDT– US Initial Claims
- 10:30am EDT– US Philly Fed Index
5:00am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.5477 with a stop at the most recent swing low at 1.5356. Since I was 23 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5500.
Entry: Long at 1.5477
Initial Target: 1.5500
6:00am EDT- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.5493.
Trade Result: +16 pips (NOT INCLUDING SPREAD) R-Multiple: 0.13
News events to watch for tomorrow :
For a complete list of news events check out our News Section