The trend stayed up until 11am EST. From 7am – 11am EST, a new trend change candle formed and changed the trend from up to DOWN. After 11am EST, the trend remained down the rest of the day.
Today I only looked for long trades until 11am EST. After 11am EST, I only looked for short trades.
News events to watch for today :
- 4:30am EST- UK CPI y/y
- 8:30am EST– US PPI m/m
- 9:00am EST- US TIC Long-Term Purchases
- 9:15am EST- US Capacity Utilization Rate
2:30am 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 1.6308 with a stop at the most recent low at 1.6271. Since I was 42 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6350.
Entry: Long at 1.6308 Stop: 1.6271 Target: 1.6350
3:00am EST- Unfortunately I was stopped out of my trade.
Trade Result: -37 pips (NOT INCLUDING SPREAD) R-Multiple: -1.00
News events to watch for tomorrow:
- 4:30am EST- UK Claimant Count Change
- 8:30am EST– US Core CPI m/m