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Main Trend
Current Trend
The trend was DOWN until 11am EST. From 7am – 11am EST, a new trend change candle formed and changed the trend from down to UP. After 11am EST, the trend remained UP the rest of the day.
Today I only looked for short trades until 11am EST. After 11am EST, I only looked for long trades.
News events to watch for today :
- 4:30am EST– UK GDP
- 6:00am EST– UK CBI Distributive Trades
- 8:30am EST– US Durable Goods
- 10:00am EST– US Pending Home Sales
Today’s Surf
12:45am EST– There was a moving average crossover for a short trade. RSI was less than 50, MACD went from positive to negative, but Stochastics were still trending up. This cancelled out the signal and I did not enter.
1:30am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry.
The entry was at the close of the candle at 1.4238 with a stop at the most recent swing high at 1.4251. Since I was 38 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4200.
Entry: Short at 1.4238 Stop: 1.4251 Target: 1.4200
2:00am EST– Unfortunately I was stopped out of my trade. (-13 pips)
7:30am EST- Didn’t consider this possible signal because it was close to the 8:30am EST news event.
Trade Result: -13 pips R-Multiple: -1.00
News events to watch for Friday:
- 7:30am EST– US Employment cost index
- 8:30am EST– US GDP
- 9:45am EST– US Chicago PMI
- 10:00am EST– US Univ. Of Mich. Sentiment
For a complete list of news events check out our Forex Economic Calendar.
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