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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 :
- 8:30am EST– US Retail Sales
- 10:00am EST– US NAHB Builders Survey
Today’s Surf
3:00am 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 1.4260 with a stop at the most recent swing high at 1.4280. Since I was only 10 pips away from the nearest 50 or 00 level (1.4250), I decided to go for the same amount of pips I was risking on the trade, which in this case was 20 pips. This put my initial target at 1.4240.
Entry: Short at 1.4260 Stop: 1.4280 Target: 1.4240
3:30am EST– My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.4241. (+19 pips)
Trade Result: +19 pips R-Multiple: 0.95
News events to watch for Wednesday:
- 5:30am EST- UK ILO Unemployment Rate
- 8:30am EST– US CPI
- 9:15am EST– US Capacity Utilization
For a complete list of news events check out our Forex Economic Calendar.
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