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The CFTC may be changing the rules for retail traders in the US. This affects many of us in a negative way and we need your help getting our voices heard.

Read more of the details

I can not find better words to describe my position on all this than those from Andrei Pehar, Chief Currency Strategist at fxKnight.com.  

Andrei says: "I am not opposed to regulation nor regulatory agencies. But that regulation needs to be fair, transparent, and open to public input. Otherwise it becomes corrupt and self-serving. Sure high leverage can get you into trouble if used thoughtlessly. Sure hedging when not done properly turns one loss into two. But I believe the cure is EDUCATION, not restricting what people can and cannot do with their investment decisions. Guide, don’t dominate – government was invented to protect people and their property, not to limit their potential.

We at BabyPips.com disagree with the CFTC proposal.

If you disagree as well, you may submit your comments to secretary@cftc.gov.  

Include “Regulation of Retail Forex” in the subject line of the message and the identification number RIN 3038-AC61 in the body of the message. Please, help us to spread the word!

I think this is a very important matter that affects us all, and we should try our hardest to ensure that things will be done for the best of the trading community.

If this is your first time visiting this blog, read this first! 

Main Trend

Current Trend

The trend stayed up until 7am EST. From 3am – 7am EST, a new trend change candle formed and changed the trend from up to DOWN. After 7am EST, the trend remained down the rest of the day.

Today I only looked for long trades until 7am EST. After 7am EST, I only looked for short trades.

News events to watch for today :

  • 4:30am EST- UK Gross Domestic Product
  • 9:00am EST- US S&P/Case-Shiller Home Price Index
  • 10:00am EST– US Consumer Confidence

Today’s Surf

1:45am EST– 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 1.6233 with a stop at the most recent swing low at 1.6191. Since I was 17 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6250.

Entry: Long at 1.6233 Stop: 1.6191 Target: 1.6250

3:30am EST– My target was hit. Price made a clean break so I trailed my stop to 1.6250 and set my next target for 1.6300.

3:45am EST– Unfortunately I got stopped out at my initial target at 1.6250.

entry2

Trade Result: +17 pips (NOT INCLUDING SPREAD) R-Multiple: 0.40

News events to watch for tomorrow:

  • 6:00am EST- UK CBI Realized Sales
  • 10:00am EST– US New Home Sales
  • 2:15pm EST– US FOMC Statement

For a complete list of news events check out our Forex Economic Calendar.
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