The trend stayed up until 3am EST. From 11pm – 3am EST, a new trend change candle formed and changed the trend from up to DOWN. After 3am EST, the trend remained down the rest of the day.
Today I only looked for long trades until 3am EST. After 3am EST, I only looked for short trades.
News events to watch for today :
- 4:30am EST- UK Current Account
- 6:00am EST– UK Gross Domestic Product
- 8:30am EST– US Gross Domestic Product
- 10:00am EST– US Existing Home Sales
1:45am 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 1.6050 with a stop at the most recent high at 1.6067. Since I was 50 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.6000.
Entry: Short at 1.6050 Stop: 1.6067 Target: 1.6000
2:00am EST- Unfortunately I was stopped out of my trade.
4:00am EST– There was a valid signal here but because it was right before a news event I did not enter.
Trade Result: -17 pips (NOT INCLUDING SPREAD) R-Multiple: -1.00
News events to watch for tomorrow:
- 4:30am EST- UK MPC Meeting Minutes
- 8:30am EST- US Core PCE Price Index m/m
- 10:00am EST- US New Home Sales