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Main Trend
Current Trend
The trend was UP the entire day.
Today I only looked for long trades.
News events to watch for today :
- 4:30am EST- UK CIPS Services PMI
- 7:30am EST– UK Chancellor Osborne makes autumn statement
- 8:15am EST- US ADP Employment Survey
- 10:00am EST- US ISM Non Manufacturing; Factory Orders
Today’s Surf
2:00am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD was negative and gaining value. This was a valid signal. I entered at the close of the candle at 1.6111 with a stop at the most recent swing low at 1.6100. Since I was 39 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6150.
Entry: Long at 1.6111; Stop: 1.6100; Target: 1.6150
3:15am EST– Unfortunately I was stopped out of my trade. (-11 pips)
6:00am 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 signal. I entered at the close of the candle at 1.6110 with a stop at the most recent swing low at 1.6090. Since I was 40 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6150.
Entry: Long at 1.6110; Stop: 1.6090; Target: 1.6150
7:15am EST– My target wasn’t hit by this time. Since news was coming out at 7:30am EST, I decided to manually exit my trade. I got out at 1.6105. (-5 pips)
10:00am EST- Never take a trade on a news candle. Either way it wouldn’t have been a valid trade because MACD was already positive from the previous candle.
11:15am EST- Did not enter because it was near 12 noon EST. This also wouldn’t have a been a valid signal because MACD was already positive from the previous candle.
Trade Result: -11 -5= -16 pips R-Multiple: -1.00; -0.25
News events to watch for Thursday:
- 4:30am EST- UK Trade Balance
- 7:00am EST- UK BOE Base Rate
- 8:30am EST- US Initial Claims
For a complete list of news events check out our Forex Economic Calendar.
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