The trend stayed up until 11am EST. From 7am – 11am EST, a new trend change candle formed and changed the trend from up to DOWN. After 11am EST, the trend remained down.
Today I only looked for long trades until 11am EST. After 11am EST, I only looked for short trades.
News events to watch for today :
- 4:30am EST- UK Bank of England Meeting Minutes
- 6:00am EST- UK CBI Industrial Order Expectations
- 8:30am EST- US Core CPI m/m
3:45am EST- There was a valid signal here, but since it was near a news event, I did not enter.
6:15am 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 1.6824 with a stop at the most recent low at 1.6769. Since I was 26 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6850.
Entry: Long at 1.6824 Stop: 1.6769 Target: 1.6850
8:15am EST– My target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to close out my trade. I exited at 1.6804.
Trade Result: -20 pips (NOT INCLUDING SPREAD) R-Multiple: -0.36
News events to watch for tomorrow:
- 4:30am EST- UK Retail Sales m/m
- 8:30am EST- US Unemployment Claims
- 10:00am EST– US Philly Fed Manufacturing Index