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Main Trend
Current Trend
The trend was UP until 8am EST. From 4am – 8am EST, the trend changed from up to DOWN. After 8am EST, the trend remained down the rest of the day.
Today I only looked for long trades until 8am EST. After 8am EST, I only looked for short trades.
News events to watch for today :
- 8:30am EST– US Housing Starts
Today’s Surf
12:30am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up but MACD was already positive from the previous candle. This cancelled out the signal and I did not enter.
2:30am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up but MACD was already positive from the previous candle. This cancelled out the signal and I did not enter.
10:45am 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 1.4753 with a stop at the most recent swing high at 1.4781. Since I was only 3 pips away from the nearest 50 or 00 level (1.4750), I decided to go for the same amount of pips I was risking on the trade, which in this case was 28 pips. This put my initial target at 1.4725.
Entry: Short at 1.4753 Stop: 1.4781 Target: 1.4725
12:00pm EST– My target was hit. Since it was 12 noon EST, I decided to just close out my trade. I got out at 1.4727. ( +26 pips)
Trade Result: +26 pips R-Multiple: 0.92
News events to watch for Wednesday:
- 5:30am EST– UK Claimant Count Change
For a complete list of news events check out our Forex Economic Calendar.
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