Current Trend= The trend remained up until 8am ET. From 4am – 8am ET, a new trend change candle formed and changed the trend from up to DOWN. After 8am ET, the trend remained down the rest of the day.
Today I looked for long trades until 8am ET. After 8am ET, I only looked for short trades.
10:30am ET- 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 2.0325 with a stop at the most recent swing low at 2.0380. Since I was 25 pips away from the nearest 50 or 00 level, I decided to put my target at 2.0300.
Entry: Short at 2.0325
Initial Target: 2.0300
3:30pm ET- My target was not hit by this time. I normally like to wait until 4pm ET to close my trades, but this one didn’t look like it was going anywhere. I managed to exit at 2.0318.
Trade Result: +7 pips; R-Multiple: 0.13
Tomorrow’s news events to watch out for:
- 4:30am ET- UK MPC Minutes, UK Average Earnings
- 8:30am ET- US Core CPI
For the rest of tomorrow’s news lineup, check out our Forex Calendar