Current Trend= The trend remained up until 7 am EDT. From 3 am – 7 am EDT, a new trend change candle formed and changed the trend from up to DOWN. After 7 am EDT, the trend remained down the rest of the day.
Today I only looked for long trades until 7 am EDT. After 7 am EDT, I only looked for short trades.
Main Trend
News events to watch for today :
- 4:30 am EDT– UK Revised GDP
- 10:00 am EDT– US Existing Home Sales
Today’s Surf
12:00 am 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
Stop: 1.4498
Target: 1.4550
2:15 am 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 :
- 2:00 am EDT– UK Nationwide HPI
- 8:30 am EDT- US Initial Claims
- 10:00 am EDT– US New Home Sales
