The trend was UP until 8am EST. From 4am – 8am EST, a new trend change candle formed and changed the trend from up to DOWN. After 8am EST the trend remained down the rest of the day.
Today I only looked for long trades until 8am EST. After 8am EST I only looked for short trades.
News events to watch for today :
- 4:30am EST– UK Mortgage Approvals; Net Consumer Credit
- 8:00am EST– US Evans speaks
- 9:00am EST– US S&P Case-Shiller Home Price
- 10:00am EST– US Consumer Confidence
1:30am EST– There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD went from negative to positive. This was a valid entry. The entry was at the close of the candle at 1.6410 with a stop at the most recent low at 1.6394. Since I was 40 pips away from the nearest 00 or 50 level I decided to put my initial target at 1.6450.
Entry: Long at 1.6410 Stop: 1.6394 Target: 1.6450
2:15am EST– Unfortunately I was stopped out of my trade. (-16 pips)
Trade Result: -16 pips R-Multiple: -1.00