The trend was down until 8am EST. From 4am – 8am EST a new trend change candle formed and changed the trend from down to UP. After 8am EST the trend remained up the rest of the day.
Today I only looked for short trades until 8am EST. After 8am EST I only looked for long trades.
News events to watch for today :
- 10:00am EST- US IBD Consumer Optimism
7:15am 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 from the previous candle. This cancelled out the signal and I did not enter.
The entry was at the close of the candle at 1.6438 with a stop at the most recent swing low at 1.6408. Since I was 12 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6450.
Entry: Long at 1.6438 Stop: 1.6408 Target: 1.6450
9:45am EST– Unfortunately my target wasn’t hit by this time. Since news was coming out at 10am EST I decided to manually exit my trade. I closed out at 1.6447. (+9 pips)
Trade Result: +9 pips R-Multiple: 0.30
News events to watch for Wednesday: