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. 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 :
5:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was positive and losing value. This was a valid entry.
The entry was at the close of the candle at 1.4183 with a stop at the most recent swing high at 1.4219. Since I was 33 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4150.
Entry: Short at 1.4183 Stop: 1.4219 Target: 1.4150
6:30am EST– Unfortunately I was stopped out of my trade. (-36 pips)
Trade Result: -36 pips R-Multiple: -1.00
News events to watch for Wednesday:
- 10:00am EST- US New Home Sales