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 down the entire day
Today I only looked for short trades.
News events to watch for today :
- 4:30am EDT- UK Claimant Count Change
12:00am EDT– 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 1.3944 with a stop at the most recent high at 1.4020. Since I was 44 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3900.
1:45am EDT- My target was hit. Price made a clean break so I moved my stop to 1.3900 and set my next target for 1.3850.
2:00am EDT- Unfortunately I was stopped out at 1.3900.
10:45am EDT– 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 1.3732 with a stop at the most recent high at 1.3859. Since I was 32 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3700.
11:00am EDT- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.3705.
Trade Result: +44 +27= +71pips (NOT INCLUDING SPREAD) R-Multiple: 0.58; 0.21
News events to watch for tomorrow :
- 8:30am EDT- US Building Permits: Unemployment claims
For a complete list of news events check out our News Section