The trend stayed down until 4am EST. From 12am – 4am EST, a new trend change candle formed and changed the trend from down to UP. After 4am EST, the trend remained up the rest of the day.
Today I only looked for short trades until 4am EST. After 4am EST, I only looked for long trades.
News events to watch for today :
- 4:30am EST– UK Manufacturing Production m/m
10:45am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry
The entry was at the close of the candle at 1.6562 with a stop at the most recent low at 1.6514. Since I was 38 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6600.
Entry: Long at 1.6562 Stop: 1.6514 Target: 1.6600
11:30am EST– Unfortunately I was stopped out of my trade.
Trade Result: -48 pips (NOT INCLUDING SPREAD) R-Multiple: -1.00
News events to watch for tomorrow:
- 4:30am EST– UK Trade Balance
- 2:00pm EST– US Beige Book