The trend stayed up until 8am EST. From 4am – 8am EST a new trend change candle formed which 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 :
- 4:30am EST– UK Jobless Claims Change; Bank of England Minutes
- 8:30am EST– US Consumer Price Index Core Index s.a.
10:00am 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 1.6264 with a stop at the most recent high at 1.6313. Since I was 14 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6250.
Entry: Short at 1.6264 Stop: 1.6313 Target: 1.6250
10:15am EST– My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.6253.
Trade Result: +11 pips (NOT INCLUDING SPREAD) R-Multiple: 0.22
News events to watch for tomorrow:
- 4:30am EST– UK Retail Sales
- 8:30am EST– US Unemployment Claims
- 10:00am EST– US Philly Fed Index