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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 CIPS Market Construction PMI
- 8:30am EST– US Trade Balance
- 10:00am EST– US ISM Non Manufacturing
Today’s Surf
2:15am 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 1.5104 with a stop at the most recent swing high at 1.5138. Since I was only 4 pips away from the nearest 50 or 00 level (1.5100), I decided to go for the same amount of pips I was risking on the trade, which in this case was 34. This put my initial target at 1.5070.
Entry: Short at 1.5104 Stop: 1.5138 Target: 1.5070
4:00am EST– Unfortunately I was stopped out of my trade. (-34 pips)
4:15am EST– Didn’t consider this possible signal because it was right before the 4:30am EST news.
5:00am 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 still trending up. This cancelled out the signal and I did not enter.
6:00am 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 still trending up. This cancelled out the signal and I did not enter.
7:45am EST– Didn’t consider this possible signal because it was right before the 8:30am EST news.
Trade Result: +-34 pips R-Multiple: -1.00
News events to watch for Wednesday:
- 4:30am EST- UK CIPS Market Services PMI
- 8:15am EST– US ADP Employment Survey
For a complete list of news events check out our Forex Economic Calendar.
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