Due to technical difficulties yesterday, I did not get a chance to trade. Thankfully I was back in the markets today.
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Current Trend= The trend remained up until 4am EST. From 4am – 8am EST, a new trend change candle formed and changed the trend from up to DOWN. After 8am EST, the trend remained down the rest of the day.
Today I only looked for long trades until 4am EST. After 4am EST, I only looked for short trrades.
News events to watch for today :
- 4:30am EST- UK CPI
- 8:30am EST- Bernanke Speaks, US Retail Sales
1:15am EST- There was a moving average crossover for a long trade. However, stochastics were trending down which cancelled out the signal. There was no entry.
4:45am 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 1.9488 with a stop at the most recent swing high at 1.9586. Since I was 38 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.9450.
Entry: Short at 1.9488
Initial Target: 1.9450
8:15am EST– My target wasn’t hit by this time and I knew that news was coming out at 8:30 so I went ahead and closed out my trade. I exited at 1.9470.
Trade Result: +18 pips : R-Multiple: 0.18
News events to watch for Monday :
- 4:30am EST– UK Claimant Count Change
- 5:30am EST– BOE Inflation Report
- 8:30am EST– US CPI
For a complete list of news events check out our News Section