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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:
- 4:30am EST– UK BOE Mortgage Approvals
- 8:00am EST- US Fed Kaplan Speaks
- 9:45am EST– US Chicago PMI
- 10:00am EST– US Pending Home Sales
Today’s Surf
12:15am 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 1.2818 with a stop at the most recent swing high at 1.2828. Since I was 18 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.2800.
Entry: Short at 1.2818 Stop: 1.2828 Target: 1.2800
1:30am EST– My target was hit. Price made a clean break so I moved my stop to 1.2800 and set my next target for 1.2750.
1:45am EST– Unfortunately I was stopped out at my original target at 1.2800. (+18 pips)
4:00am EST– Didn’t consider this possible signal because it was right before the 4:30am EST news.
Trade Result: +18 pips R-Multiple: 1.80
News events to watch for Thursday:
- 4:30am EST– UK Manufacturing PMI
- 8:00am EST– US Fed Powell Speaks
- 8:15am EST– US ADP National Employment Report
- 8:30am EST- US Unemployment Claims
- 10:00am EST– US ISM Manufacturing
For a complete list of news events check out our Forex Economic Calendar.
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