The trend was DOWN the entire day until 11am EST. From 7am EST – 11am EST, a new trend change candle formed and changed the trend from down to UP. After 11am EST, the trend remained up the rest of the day.
Today I only looked for short trades until 11am EST. After 11am EST, I only looked for long trades.
News events to watch for today :
3:30am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down, and MACD went from positive to negative. This was a valid signal. I entered at the close of the candle at 1.6011 with a stop at the most recent swing high at 1.6030. Since I was 11 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6000.
Entry: Short at 1.6011; Stop: 1.6030; Target: 1.6000
4:30am EST- Unfortunately I was stopped out of my trade. (-19 pips)
Trade Result: -19 pips R-Multiple: -1.00
News events to watch for Friday:
- 4:30am EST– UK Manufacturing Production; Industrial Production
- 8:30am EST– US Trade Balance
- 10:00am EST– UK NIESR GDP Est.