The trend was up until 3am EST. From 11pm – 3am EST, a new trend change candle formed and changed the trend from up to DOWN. After 3am EST, the trend remained down the rest of the day.
Today I only looked for long trades until 3am EST. After 3am EST, I only looked for short trades.
News events to watch for today :
1:30am 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 1.6674 with a stop at the most recent swing low at 1.6658. Since I was 26 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6700.
Entry: Long at 1.6674 Stop: 1.6658 Target: 1.6700
2:45am EST- Unfortunately I was stopped out of my trade. (-16 pips)
Trade Result: -16 pips R-Multiple: -1.00
News events to watch for Friday:
- 8:30am EST-US GDP; Core PCE Price Index
- 9:45am EST- US Chicago PMI
- 9:55am EST- US Univ. of Mich. Sentiment
- 10:00am EST- US Pending Home Sales