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Main Trend
Current Trend
The trend was UP until 8am EST. From 4am – 8am EST, a new trend change candle formed and changed the trend from up to DOWN. After 8am EST, the trend remained DOWN the rest of the day.
Today I only looked for long trades until 8am EST. After 8am EST, I only looked for short trades.
News events to watch for today:
- 4:30am EST– UK CPI
- 8:30am EST– US Housing Starts
- 9:15am EST– US Industrial Production
Today’s Surf
12:45am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry.
The entry was at the close of the candle at 1.2909 with a stop at the most recent swing low at 1.2901. Since I was 41 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2950.
Entry: Long at 1.2909 Stop: 1.2901 Target: 1.2950
4:15am EST– My target wasn’t hit by this time. Since news was coming out at 4:30am EST, I decided to manually exit my trade. I got out at 1.2942. (+33 pips)
Trade Result: +33 pips R-Multiple: 4.12
News events to watch for Wednesday:
- 4:30am EST– UK Claimant Count Rate
- 11:10am EST– US Bernanke Speaks
For a complete list of news events check out our Forex Economic Calendar.
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