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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 GDP
- 9:00am EST– US S&P Case Shiller Home Price
- 10:00am EST– US Consumer Confidence
Today’s Surf
5:30am 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 1.5246 with a stop at the most recent swing low at 1.5173. Since I was only 4 pips away from the nearest 50 or 00 level (1.5250), I decided to go for the same amount of pips I was risking on the trade, which in this case was 73. This put my initial target at 1.5319
Entry: Short at 1.4883 Stop: 1.4896 Target: 1.4850
8:45am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 9am EST, I decided to close out my trade. I got out at 1.5280. (+37 pips)
Trade Result: +37 pips R-Multiple: 0.86
News events to watch for Wednesday:
- 8:30am EST– US GDP
- 10:00am EST– US Pending Home Sales
For a complete list of news events check out our Forex Economic Calendar.
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