Current Trend= The trend remained down until 11am EDT. From 7am EDT – 11am EDT, a new trend change candle formed and changed the trend from down to UP. After 11am EDT, the trend remained up the rest of the day.
Today I only looked for short trades until 11am EDT. After 11am EDT, I only looked for long trades.
News events to watch for today :
- 4:30am EDT- GBP Services PMI
- 8:15am EDT- ADP Non Farm Employment Change
- 8:30am EDT- US Nonfarm productivity
- 10:00am EDT- US ISM Non-Manufacturing Composite
- 2:00pm EDT- US Beige Book
12:45am EDT– 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 1.9834 with a stop at the most recent swing high at 1.9850. Since I was 34 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9800.
Entry: Short at 1.9834
Initial Target: 1.9800
1:15am EDT– Unfortunately I was stopped out of my trade.
2:00am EDT– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 1.9815 with a stop at the most recent swing high at 1.9852. Since I was only 15 pips away from the nearest 50 or 00 level (9800), I decided to go for the same amount of pips I was risking on the trade, which in this case was 37. This put my initial target at 1.9778.
Entry: Short at 1.9815
Initial Target: 1.9778
2:15am EDT– My target was hit. Price did not make a clean break so I took my final profit. I was able to exit at 1.9780.
7:45am EDT– There was a valid signal here but because it was close to a news event at 8:15am EDT, I did not take the trade.
Trade Result: -16 +35= +19 pips; R-Multiple: -1.00; 0.94
News events to watch for tomorrow :
- 3:00am EDT- GBP Halifax House Price Index
- 7:00am EDT- BOE Interest Rate Statement
- 8:30am EDT- US Unemployment Claims
- 10:00am EDT– US Pending Home Sales