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Main Trend
Current Trend
The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
- 4:30am EST– UK Retail Sales
- 8:30am EST– US Initial Claims
- 10:00am EST– US Existing Home Sales; Philly Fed Survey
Today’s Surf
2:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, MACD was positive and losing value, but stochastics were trending up. This cancelled out the signal and I did not enter.
4:00am EST- Didn’t consider this possible signal because it was right before the 4:30am EST news.
6:15am EST– 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 1.5444 with a stop at the most recent swing high at 1.5484. Since I was 44 pips away from the nearest 50 or 00 level I put my initial target at 1.5400.
Entry: Short at 1.5444 Stop: 1.5484 Target: 1.5400
8:15am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to manually exit my trade. I got out at 1.5444. (+0 pips)
10:15am EST– 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 1.5457 with a stop at the most recent swing high at 1.5485. Since I was only 7 pips away from the nearest 50 or 00 level (1.5450), I decided to go for the same amount of pips I was risking on the trade, which in this case was 28. This put my target at 1.5429.
Entry: Short at 1.5457 Stop: 1.5485 Target: 1.5429
11:45am EST– Unfortunately my target wasn’t hit by this time. Since it was approaching 12 noon EST, I decided to manually exit my trade. I got out at 1.5452. (+5 pips)
Trade Result: +0 +5= +5 pips R-Multiple: N/A; 0.17
News events to watch for Friday:
- 4:30am EST– UK Public Borrowing
For a complete list of news events check out our Forex Economic Calendar.
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