The trend remained down until 8am EST. From 4am – 8am EST, a new trend change candle formed and changed the trend from down to UP. After 8am EST, the trend remained up the rest of the day.
Today I only looked for short trades until 8am EST. After 8am EST, I only looked for long trades.
News events to watch for today:
2:30am EST– 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 1.5132 with a stop at the most recent high at 1.5169. Since I was 32 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5100.
Entry: Short at 1.5132 Stop: 1.5169 Target: 1.5100
3:15am EST– Unfortunately I was stopped out of my trade.
Trade Result: -37 pips (NOT INCLUDING SPREAD) R-Multiple: -1.00
News events to watch for Monday :
- 4:30am EST– UK CPI y/y
- 5:00am EST– EU German ZEW Economic Sentiment (This may be a factor tomorrow)
- 8:30am EST– US Building Permits