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.
Today I only looked for long trades until 11 am EDT. After 11 am EDT, I only looked for short trades.
News events to watch for today :
- 4:30 am EDT- UK Retail Sales
- 8:30 am EDT– US Initial Claims
- 10:30 am EDT– US Philly Fed Index
5:00 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 1.5477 with a stop at the most recent swing low at 1.5356. Since I was 23 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5500.
Entry: Long at 1.5477
Initial Target: 1.5500
6:00 am EDT- My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.5493.
Trade Result: +16 pips (NOT INCLUDING SPREAD) R-Multiple: 0.13
News events to watch for tomorrow :