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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:
- 5:30am EST– UK CPI
- 8:30am EST– US Current Account
Today’s Surf
2:45am 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 1.2371 with a stop at the most recent swing low at 1.2339. Since I was 29 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.2400.
Entry: Long at 1.2371 Stop: 1.2339 Target: 1.2400
5:00am EST– My target was hit. Price made a clean break so I moved my stop to 1.2400 and set my next target at 1.2450.
5:15am EST– Price didn’t hit my 2nd target by this time. Since news was coming out at 5:30am EST, I decided to manually exit my trade. I got out at 1.2415. (+44 pips)
Trade Result: +44 pips R-Multiple: 1.37
News events to watch for Wednesday:
- 9:00am EST– US FHFA House Price Index
- 10:00am EST– US Existing Home Sales
For a complete list of news events check out our Forex Economic Calendar.
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