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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 Claimant Count Rate
- 10:00am EST– US Existing Home Sales
Today’s Surf
4:45am 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.
8:15am 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
The entry was at the close of the candle at 1.4393 with a stop at the most recent swing low at 1.4367. Since I was only 7 pips away from the nearest 50 or 00 level (1.4400), I decided to go for the same amount of pips I was risking on the trade, which in this case was 26. This put my initial target at 1.4419.
Entry: Long at 1.4393 Stop: 1.4367 Target: 1.4419
9:45am EST– My target wasn’t hit by this time. Since news was coming out at 10am EST, I decided to manually exit my trade. I got out at 1.4402. (+9 pips)
Trade Result: +9 pips R-Multiple: 0.34
News events to watch for Thursday:
- 5:30am EST– UK Retail Sales
- 8:30am EST– US Philly Fed Survey
- 9:00am EST– US FHFA House Price Index
For a complete list of news events check out our Forex Economic Calendar.
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