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Main Trend
Current Trend
The trend was DOWN until 4am EST. From 12 midnight to 4am EST, a new trend change candle formed and changed the trend from down to UP. After 4am EST, the trend remained up for 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 :
- 9:00am EST– US FHFA House Price Index
- 10:00am EST– US Existing Home Sales
Today’s Surf
1:30am 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 1.6791 with a stop at the most recent swing high at 1.6795. Since I was 41 pips away from the nearest 50 or 00 level, I decided to put my target at 1.6750.
Entry: Short at 1.6791 Stop: 1.6795 Target: 1.6750
1:45am EST– Unfortunately I was stopped out of my trade. (-4 pips)
Trade Result: -4 pips R-Multiple: -1.00
News events to watch for Wednesday:
- 4:30am EST– UK BOE MPC Minutes Released
- 10:00am EST– US New Home Sales
For a complete list of news events check out our Forex Economic Calendar.
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