The trend was up until 8am EST. From 4am – 8am EST a new trend change candle formed and 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 :
10:15am 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 1.5791 with a stop at the most recent swing high at 1.5816. Since I was 41 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5750.
Entry: Short at 1.5791 Stop: 1.5816 Target: 1.5750
12:00pm EST- My target wasn’t hit by this time and since it was noon I decided to use my discretion and cut my losses. I exited at 1.5805.
Trade Result: -14 pips (Not including spread) R-Multiple: -0.56
News events to watch for Thursday:
- 2:00am EST- UK Nationwide Housing Prices
- 8:30am EST- US Core PCE price index ; GDP Annualized ; Initial Claims
- 9:45am EST- US Chicago PMI