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 the rest of the day.
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 Trade Balance
12:30am EDT– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already positive. This cancelled out the signal and I did not enter.
7:30am 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 1.4826 with a stop at the most recent low at 1.4766. Since I was 24 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4850.
Entry: Long at 1.4826
8:45am EDT- Unfortunately I was stopped out of my trade.
Trade Result: -60 pips (NOT INCLUDING SPREAD) R-Multiple: -1.00
News events to watch for tomorrow :
- 4:30am EDT– UKClaimant Count Change
- 5:30am EDT– UK BOE Inflation Report
- 8:30am EDT– US Trade Balance
For a complete list of news events check out our News Section