The trend was DOWN until 4am EST. From 12am – 4am EST, a new trend change candle formed and changed the trend from down to UP. After 4am EST, the trend remained up the rest of the day.
Today I only looked for short trades until 4am EST. After 4am EST, I only looked for long trades.
News events to watch for today :
5:45am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry.
The entry was at the close of the candle at 1.5910 with a stop at the most recent swing low at 1.5878. Since I was 40 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5950.
Entry: Long at 1.5910 Stop: 1.5878 Target: 1.5950
11:45am EST– Unfortunately my target wasn’t hit by this time. Since it was approaching 12 noon EST, I decided to go ahead and close out my trade to cut my losses. I exited at 1.5904. (-6 pips)
Trade Result: -6 pips R-Multiple: -0.18