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Current Trend= The trend remained down until 4am EST. From 12am – 4am EST, a new trend change candle formed and changed the trend from down to UP. After 4am EST, the trend remained up 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 :
- 8:30am EST- US Empire State Business Conditions
- 9:00am EST- US TIC data
2:30am 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 1.9503 with a stop at the most recent swing high at 1.9542. Since I was only 3 pips away from the nearest 50 or 00 level, I decided to go for the same amount of pips I was risking on the trade, which in this case was 39. This put my initial target at 1.9464.
Entry: Short at 1.9503
Initial Target: 1.9464
4:30am EST– Unfortunately I was stopped out of my trade.
Trade Result: -39 pips (THIS DOES NOT INCLUDE THE SPREAD): R-Multiple: -1.00
News events to watch for Tomorrow :
- 4:30am EST– UK CPI
- 8:30am EST– US PPI, US Housing Starts
For a complete list of news events check out our News Section