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Main Trend
Current Trend= The trend remained down the entire day.
Today I only looked for short trades.
News events to watch for today :
- 8:30am EST- US Empire State Business Index
- 9:00am EST– US TIC Data
- 9:30am EST- Bernanke Speaks
- 10:00am EST- US Philadelphia Fed Index
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 went from positive to negative. This was a valid entry. The entry was at the close of the candle at 1.9456 with a stop at the most recent swing high at 1.9487. Since I was only 6 pips away from the nearest 50 or 00 level (1.9450), I decided to go for the same amount of pips I was risking on the trade, which in this case was 31. This put my initial target at 1.9425.
Entry: Short at 1.9456
Stop: 1.9487
Initial Target: 1.9425
3:30am EST– Unfortunately I was stopped out of my trade.
4:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 1.9461 with a stop at the most recent swing high at 1.9500. Since I was only 11 pips away from the nearest 50 or 00 level (1.9450), I decided to go for the same amount of pips I was risking on the trade, which in this case was 39. This put my initial target at 1.9422.
Entry: Short at 1.9461
Stop: 1.9500
Initial Target: 1.9422
7:15pm EST– My target was hit. Price didn’t make a clean break of my target so I took my final profit. I exited at 1.9423.
Trade Result: -31 +38= +7 pips : R-Multiple: -1.00; 0.97
News events to watch for tomorrow :
- 8:30am EST- US Housing Starts
- 10:00am EST– US Consumer Sentiment
For a complete list of news events check out our News Section