Current Trend= The trend remained up until 8am EST. From 4am – 8am EST, a new trend change candle formed and changed the trend from up to DOWN. After 8am EST, the trend remained down the rest of the day.
Today I only looked for long trades until 8am EST. After 8am EST, I only looked for short trades.
News events to watch for today :
- 10:00am EST- US Consumer Confidence
12:00am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.9904 with a stop at the most recent swing low at 1.9890. Since I was 46 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9950.
Entry: Long at 1.9904
Initial Target: 1.9950
1:30am EST- Unfortunately I was stopped out of my trade.
10:30am EST- 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 1.9720 with a stop at the most recent swing high at 1.9767. Since I was 20 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9700.
Entry: Short at 1.9720
Initial Target: 1.9700
1:00pm EST- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.9697.
Trade Result: -14 +23= +9 pips : R-Multiple: -1.00; 0.49
News events to watch for tomorrow :
- 2:00am EST- UK Nationwide Houe Prices
- 8:15am EST- US ADP Nonfarm Employment Change
- 8:30am EST- US Advance GDP