Current Trend= The trend remained up until 7am EDT. From 3am – 7am EDT, a new trend change candle formed and changed the trend from up to DOWN. After 7am EDT, the trend remained up the rest of the day.
Today I looked for long trades until 7am EDT. After 7am EDT, I only looked for short trades.
4:15am EDT– There was a good signal here, but it was right before the GBP Average Earnings Index so I did not enter.
10:00am EDT– 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 2.0693 with a stop at the most recent swing high at 2.0732. Since I was 43 pips away from the nearest 50 or 00 level, I put my initial target at 2.0650.
Entry: Short at 2.0693
Initial Target: 2.0650
11:00am EDT– Not only was my first target hit, but the price dropped all the way down to 2.0600 which was my 2nd target. The price wasn’t able to go any lower than 2.0600 so I took my final profit there.
Trade Result: +93 pips; R-Multiple: 2.38
News events to watch for tomorrow :
- 4:30am EDT- GBP Retail Sales
- 8:30am EDT– US Core CPI, Empire State Business Index
- 10:00am EDT– Philly Fed Index
For a list of all of tomorrow’s news events, check out our Forex Calendar