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Current Trend= The trend remained up until 7am EDT. From 3am – 7am EDT, a new trend change candle formed and changed the trend from up to DOWN. After 7am EDT, the trend remained down the rest of the day.
Today I only looked for long trades until 7am EDT. After 7am EDT, I only looked for short trades.
News events to watch for today :
- 4:30am EDT– UK Revised GDP
- 10:00am EDT– US Existing Home Sales
12:00am EDT– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle at 1.4535 with a stop at the most recent low at 1.4498. Since I was 15 pips away from the nearest 50 or 00 level, I put my initial target at 1.4550.
Entry: Long at 1.4535
2:15am EDT– My target was hit. Price didn’t make a clean break so I took my final profit. I exited at 1.4553.
Trade Result: +18 pips (NOT INCLUDING SPREAD) R-Multiple: 0.48
News events to watch for tomorrow :
- 2:00am EDT– UK Nationwide HPI
- 8:30am EDT- US Initial Claims
- 10:00am EDT– US New Home Sales
For a complete list of news events check out our News Section