The trend was DOWN until 11am EST. From 7am – 11am EST, a new trend change candle formed and changed the trend from down to UP.
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 :
- 4:30am EST– UK CIPS Market Services PMI
- 8:15am EST– US ADP Employment Survey
- 10:00am EST- US ISM Non Manufacturing
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 from the previous candle. This cancelled out the signal and I did not enter.
2:30am 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 entry.
The entry was at the close of the candle at 1.5628 with a stop at the most recent swing high at 1.5656. Since I was 28 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5600.
Entry: Short at 1.5628 Stop: 1.5656 Target: 1.5600
4:15am EST– Unfortunately I my target wasn’t hit by this time. Since news was coming out I decided to cut my losses and manually exit my trade. I got out at 1.5640. (-12 pips)
Trade Result: -12 pips R-Multiple: -0.42
News events to watch for Thursday:
For a complete list of news events check out our Forex Economic Calendar.
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