Current Trend= The trend remained down until 3am EDT. From 11pm – 3am EDT, a new trend change candle formed and changed the trend from down to UP. After 3am EDT, the trend remained up the rest of the day.
Today I looked for short trades until 3am EDT. After 3am EDT I only looked for long trades.
11:15am EDT- 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 2.0682 with a stop at the most recent swing low at 2.0647. Since I was 18 pips away from the nearest 50 or 00 level, I put my initial target at 2.0700.
Entry: Long at 2.0682
Initial Target: 2.0700
2:00pm EDT- My target was hit. Price made a clean break of my target so I moved my stop to 2.0700 and set my next target for 2.0750
3:45pm EDT- Unfortunately I was stopped out at my first target at 2.0700.
Trade Result: +18 pips; R-Multiple: 0.51
News events to watch for tomorrow :
- 10:00am EDT- US Consumer Confidence
For a list of all of tomorrow’s news events, check out our Forex Calendar