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The trend stayed up until 7am EST. From 11pm – 7am EST, a new trend change candle formed and changed the trend from up to DOWN. After 7am EST, the trend remained down the rest of the day.
Today I only looked for long trades until 7am EST. After 7am EST, I only looked for short trades.
News events to watch for today :
- 4:30am EST- UK Purchasing Manager Index Construction
- 10:00am EST- US Pending Home Sales
The entry was at the close of the candle at 1.6008 with a stop at the most recent high at 1.6052. Since I was only 8 pips away from the nearest 50 or 00 level (1.6000), I decided to go for the same amount of pips I was risking on the trade, which in this case was 44. This put my initial target at 1.5964.
Entry: Short at 1.6008 Stop: 1.6052 Target: 1.5964
9:45am EST- My target was not hit by this point and I knew that news was coming out at 10:00am EST. I manually exited at 1.6043.
The entry was at the close of the candle at 1.6013 with a stop at the most recent high at 1.6066. Since I was only 13 pips away from the nearest 50 or 00 level (1.6000), I decided to go for the same amount of pips I was risking on the trade, which in this case was 53. This put my initial target at 1.5960.
Entry: Short at 1.6013 Stop: 1.6066 Target: 1.5960
1:00pm EST- My target was almost hit here. Since it was already late in the day, I decided to go ahead and take my final profit. I exited at 1.5968.
Trade Result: -35 +45= +10 pips (NOT INCLUDING SPREAD) R-Multiple: -0.79; 0.84
News events to watch for tomorrow:
- 4:30am EST- UK Services PMI
- 8:15am EST- US ADP Non-Farm Employment Change
- 10:00am EST- US ISM Non-Manufacutring Composite
- 10:30am EST- US Crude Oil Inventories
- 2:00pm EST- FOMC Minutes