The trend was down until 3am EST. From 11pm – 3am EST, a new trend change candle formed and changed the trend from down to UP.
The trend remained up until 7am EST. From 3am – 7am EST, a new trend change candle formed and changed the trend from up to DOWN.
From 7am EST on out, the trend remained down the rest of the day.
Today I only looked for short trades until 3am EST.
From 3am – 7am EST I only looked for long trades.
From 7am – 12pm EST I only looked for short trades.
News events to watch for today :
12:45am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative. This cancelled out the signal and I did not enter.
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 1.5478 with a stop at the most recent swing high at 1.5518. Since I was 28 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5450.
Entry: Short at 1.5478 Stop: 1.5518 Target: 1.5450
12:00pm EST- My target wasn’t hit by this time. Since it was 12 noon I decided to go ahead and exit my trade. I closed out at 1.5459. (+
Trade Result: +19 pips R-Multiple: 0.47
News events to watch for Wednesday:
- 4:30am EST- UK GDP
- 8:30am EST- US GDP ; Core PCE Price Index
- 10:00am EST- US Existing Home Sales ; FHFA House Price Index