The trend was DOWN the until 8am EST. From 4am – 8am EST, a new trend changed 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:
1:15am 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 1.3095 with a stop at the most recent swing high at 1.3116. Since I was 45 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3050.
Entry: Short at 1.3095 Stop: 1.3116 Target: 1.3050
4:00am EST– Unfortunately I was stopped out of my trade. (-21 pips)
10:30am 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 1.3124 with a stop at the most recent swing low at 1.3074. Since I was 26 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.3150.
Entry: Long at 1.3124 Stop: 1.3074 Target: 1.3150
11:45am EST– Unfortunately my target wasn’t hit by this time. Since it was getting close to 12 noon EST, I decided to manually exit my trade. I got out at 1.3134. (+10 pips)
Trade Result: -21 + 10= -11 pips R-Multiple: -1.00; 0.20
News events to watch for Thursday:
- 4:30am EST– UK CIPS Market Manufacturing PMI
- 8:30am EST– US Initial Claims
- 10:00am EST– US ISM Manufacturing