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 CPI
1:30am EST- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up, but MACD was already positive from the previous candle. This cancelled out the signal and I did not enter.
Trade Result: +0 pips R-Multiple: N/A
News events to watch for Wednesday:
- 4:30am EST– UK Retail Sales; BOE Meeting Minutes; Public Borrowing
- 10:00am EST– US Existing Home Sales