The trend stayed down until 8am EST. From 4am 8am EST a new trend change candle formed which 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 :
- 10:00am EST US New Home Sales
3:30am EST There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry
The entry was at the close of the candle at 1.6446 with a stop at the most recent high at 1.6520. Since I was 46 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6400.
Entry: Short at 1.6446 Stop: 1.6520 Target: 1.6400
9:45am EST My target wasnt hit by this time and I knew that news was coming out at 10:00am EST. I manually exited my trade for a loss at 1.6490.
11:15am EST 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 1.6493 with a stop at the most recent low at 1.6456. Since I was only 7 pips away from the nearest 50 or 00 level (1.6500), I decided to go for the same amount of pips I was risking on the trade, which in this case was 37. This put my initial target at 1.6530.
Entry: Long at 1.6493 Stop: 1.6456 Target: 1.6530
2:00pm EST My target wasnt hit by this time and I had to go so I manually exited my trade at 1.6490.
Trade Result: -44 -3= -44 pips (NOT INCLUDING SPREAD) R-Multiple: -0.59; -0.08
News events to watch for tomorrow:
- 6:00am EST UK CBI Realized Sales
- 10:00am EST US Consumer Confidence