Due to technical difficulties yesterday, I did not get a chance to trade. Thankfully I was back in the markets today.
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Current Trend= The trend remained up until 4am 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 4am EST. After 4am EST, I only looked for short trrades.
News events to watch for today :
- 4:30am EST– UK Claimant Count Change
- 5:30am EST– BOE Inflation Report
- 8:30am EST– US CPI
12:30am 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 1.9442 with a stop at the most recent swing high at 1.9458. Since I was 42 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9400.
Entry: Short at 1.9442
Initial Target: 1.9400
2:00am EST– Unfortunately I was stopped out of my trade.
2:30am EST- There was a moving average crossover for a short trade. However, stochastics were trending up which cancelled the signal. No entry.
4:30am EST– This was a news candle so no entry.
10:30am EST– 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 1.9411 with a stop at the most recent swing high at 1.9472. Since I was 11 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9400.
Entry: Short at 1.9411
Initial Target: 1.9400
4:00pm EST– My target wasn’t hit by this time and since it was 4pm EST, it was time to end my day. I closed my trade and exited at 1.9446.
Trade Result: -16 -35= -51 pips : R-Multiple: -1.00; -0.57
News events to watch for tomorrow :
- 8:30am EST- US Empire State Business Index
- 9:00am EST– US TIC Data
- 9:30am EST- Bernanke Speaks
- 10:00am EST- US Philadelphia Fed Index
For a complete list of news events check out our News Section