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Current Trend= The trend remained down until 8am EST. From 4am – 8am EST, a new trend change candle formed and changed the trend from down to UP. After 8am EST, the trend remained up the rest of the day.
Today I only looked for short trades until 8am EST. After 8am EST, I only looked for long trades.
News events to watch for today :
- 4:30am EST- UK Claimant Count Change, MPC Meeting Minutes
- 8:30am EST- US Building Permits
1:15am 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 1.7827 with a stop at the most recent swing high at 1.7870. Since I was 27 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.7800.
Entry: Short at 1.7827
Initial Target: 1.7800
2:00am EST- Unfortunately I was stopped out of my trade.
4:00am EST- There was a valid signal here but because it was right before news, I did not enter. No trade.
Trade Result: +43 pips (NOT INCLUDING SPREAD) R-Multiple: 0.89
News events to watch for tomorrow :
- 4:30am EST- UK Retail Sales
- 8:30am EST- US Unemployment Claims
- 10:00am EST- US Philadelphia Fed Index
For a complete list of news events check out our News Section