Current Trend= The trend remained down until 11am EDT. From 7am – 11am EDT a new trend change candle was formed and changed the trend from down to UP. After 11am EDT, the trend remained up the rest of the day.
Today I only looked for short trades until 11am EDT. After 11am EDT, I only looked for long trades.
Main Trend
News events to watch for today :
- 10:00am EDT- US Existing Home Sales
Today’s Surf
12:30am 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 1.3581 with a stop at the most recent high at 1.3677. Since I was 30 pips away from the nearest 50 or 00 level, I decided to put my target at 1.3550.
Entry: 1.3581
Stop: 1.3677
Target: 1.3550
1:00am EDT- My target was hit. Price did not make a clean break so I took my final profit. I exited right at 1.3550.
Trade Result: +31pips (NOT INCLUDING SPREAD) R-Multiple: 0.32
News events to watch for tomorrow :
- 6:00am EDT- UK CBI Realized Sales
- 10:00am EDT– US CB Consumer Confidence
