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 Industrial Production
- 7:00am EST– UK BOE Minutes Released
- 8:30am EST– US Initial Claims
- 10:00am EST– UK NIESR GDP
5:15am 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 1.5619 with a stop at the most recent swing low at 1.5594. Since I was 31 pips away from the nearest 50 or 00 level, I decided to put my initial target at 1.5650.
Entry: Long at 1.5619 Stop: 1.5594 Target: 1.5650
6:45am EST– Unfortunately I was stopped out of my trade. (-25 pips)
Trade Result: -25 pips R-Multiple: -1.00