Current Trend= The trend remained up the entire day.
Today I only looked for long trades.
News events to watch for today :
- 8:30 am EDT- US Building Permits, PPI
Main Trend
Today’s Surf
6:00 am EDT – There was a valid signal here. However, this was one of those cases where bending the rules was ok in this situation. If you pay attention to the news calendar for the day, you see that the German ZEW economic sentiment came out at this time which is a major news report. Normally we disregard news that doesn’t pertain to the Sterling or Dollar, but when a news report causes our pair to move rapidly like it did today, you should give it a second look. In this case, the report caused the Cable to break out of what was a very slow day up to this point. Because of this, I did not take this trade. It’s also one of those reasons we don’t enter on news candles anyways. The market sometimes tends to overreact to these reports and today was a perfect case study of that.
Entry: Short at 1.3809
Stop: 1.3849
Target: 1.3769
10:45, 11:45 am EDT- These were not valid signals because MACD was already positive.
Trade Result: +0 pips R-Multiple: N/A
News events to watch for tomorrow :
- 5:30 am EDT- UK Claimant Count Change; MPC Meeting Minutes
- 8:30am EDT– US Core CPI m/m
- 2:15pm EDT– US FOMC Statement
