The trend was DOWN until 3am EST. From 11pm – 3am EST a new trend change candle formed and changed the trend from down to UP. After 3am EST, the trend remained up the rest of the day.
Today I only looked for short trades until 3am EST. After 3am EST I only looked for long trades.
News events to watch for today :
- 8:15am EST– US ADP Employment Survey
6:45am 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 1.6422 with a stop at the most recent swing low at 1.6407. Since I was 28 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6450.
Entry: Long at 1.6422 Stop: 1.6407 Target: 1.6450
8:00am EST– My target wasn’t hit by this time. Since news was coming out at 8:15am EST, I decided to manually exit my trade. I got out at 1.6429. (+7 pips)
Trade Result: +7 pips R-Multiple: 0.46