If you haven’t done so already , go check out BabyPips’ newest creation, FreshPips.com !
Freshpips.com delivers to your e-door step the most relevant Forex news and research on the Web. The stories you see on FreshPips are submitted by site members – you and your fellow Forex traders. You then decide what’s “fresh” and what, well, sucks. Top honors – submissions placed on the main page – are given to the stories deemed fresh by the FreshPips.com community as a whole.
Check it out, register, and start submitting cool Forex stories today!
If this is your first time visiting this blog, read this first!
Main Trend
Current Trend= The trend remained up until 4am EST. From 12am EST – 4am EST, a new trend change candle formed and changed the trend from up to DOWN. After 4am EST, the trend remained down the rest of the day.
Today I only looked for long trades until 4am EST. After 4am EST, I only looked for short trades.
News events to watch for today :
- 2:00am EST– German Consumer Confidence
- 10:00am EST– US New Home Sales
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 1.9817 with a stop at the most recent swing low at 1.9812. Since I was 33 pips away from the nearest 50 or 00 level, I decided to put my target at 1.9850.
Entry: Long at 1.9817
Stop: 1.9812
Initial Target: 1.9850
1:45am EST– My target wasn’t hit by this time and I knew that news was coming out at 2:00am EST, so I closed my trade. I managed to exit out at 1.9837.
9:00am 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 1.9755 with a stop at the most recent swing high at 1.9782. Since I was only 5 pips away from the nearest 50 or 00 level (1.9750), I decided to go for the same amount of pips I was risking on the trade, which in this case was 27. This put my initial target at 1.9728.
Entry: Short at 1.9755
Stop: 1.9782
Initial Target: 1.9728
9:45am EST- My target was hit by this time and I knew that news was coming out at 10:00am EST, so I closed my trade. I managed to exit out at 1.9750.
Trade Result: +20 +5= +25 pips (THIS DOESN’T INCLUDE SPREAD): R-Multiple: 4.00; 0.18
News events to watch for tomorrow :
- 8:30am EST– US Durable Goods Orders
For a complete list of news events check out our News Section