Current Trend= The trend remained up until 11am EDT. From 7am – 11am EDT, a new trend change candle formed and changed the trend from up to DOWN. After 11am EDT, the trend remained down the rest of the day.
Today I looked for long trades until 11am EDT. After 11am EDT I only looked for short trades.
1:45am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already positive. This cancelled out the signal and I did not enter.
6:00am 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 2.0644 with a stop at the most recent swing low at 2.0587. Since I was only 6 pips away from the nearest 50 or 00 level (2.0650) I decided to go for the same amount of pips I was risking on the trade which in this case was 57. This put my initial target at 2.0701.
Entry: Long at 2.0644
Initial Target: 2.0701
10:45am EDT- Unfortunately I was stopped out of my trade.
Trade Result: -57 pips; R-Multiple:-1.00
News events to watch for tomorrow :
- 4:30am EDT- GBP Average Earnings Index
- 8:30am EDT- US Trade Balance
For a list of all of tomorrow’s news events, check out our Forex Calendar