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Main Trend
Current Trend
The trend was UP until 3am EST. From 11pm – 3am EST, a new trend change candle formed and changed the trend from up to DOWN.
The trend was DOWN until 11am EST. From 7am – 11am EST, a new trend change candle formed and changed the trend from down to UP. The trend remained up the rest of the day.
Today I only looked for long trades until 3am EST. From 3am – 11am EST, I only looked for short trades, and from 11am EST on forward I only looked for long trades.
News events to watch for today :
- 4:30am EST– UK BBA Mortgage Approvals
- 8:30am EST– US GDP
- 9:00am EST- US FHFA House Price Index
- 10:00am EST– US Consumer Confidence
Today’s Surf
12:15am 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.
4:15am EST– I didn’t consider this possible signal because it was right before the 4:30am EST news.
5:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was positive and losing value. This was a valid entry.
The entry was at the close of the candle at 1.5673 with a stop at the most recent swing high at 1.5693. Since I was 23 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.5650.
Entry: Short at 1.5673 Stop: 1.5693 Target: 1.5650
8:15am EST– My target wasn’t hit by this time. Since news was coming out at 8:30am EST, I decided to manually exit my trade. I got out at 1.5666. (+7 pips)
Trade Result: +7 pips R-Multiple: 0.35
News events to watch for Wednesday:
- 4:30am EST– UK GDP
- 6:00am EST– UK CBI Distributive Trades
- 8:30am EST– US Personal Spending; Durable Goods
- 9:45am EST– US Chicago PMI
- 10:00am EST– US Pending Home Sales
For a complete list of news events check out our Forex Economic Calendar.
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