Current Trend= The trend remained up until 11 am EDT. From 7 am -11 am EDT, a new trend change candle formed and changed the trend from up to DOWN. After 11 am EDT, the trend remained down.
News events to watch for today :
- 4:30 am EDT- UK Manufacturing Production
- 10:00 am EDT– US Pending Home Sales
5:15 am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.4820 with a stop at the most recent swing low at 1.4737. Since I was 30 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.4850.
Entry: Long at 1.4820
Initial Target: 1.4850
7:30 am EDT- Unfortunately, I was stopped out of my trade.
10:30 am EDT- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already positive. This canceled out the signal and I did not enter.
Trade Result: -83 pips (NOT INCLUDING SPREAD) R-Multiple: -1.00
News events to watch for tomorrow :